India 2018

220 India 2018
13
Finance
THE Ministry of Finance is responsible for administration of finances of the
Government. It is concerned with all economic and financial matters affecting
the country as a whole including mobilization of resources for development
and other purposes. It regulates expenditure of the government including
transfer of resources to the states. This Ministry consists of five departments,
namely, (i) Economic Affairs, (ii) Expenditure, (iii) Revenue, (iv) Investment
and Public Asset Management; and (v) Financial Services.
Department of Economic Affairs
fairs
The Department, inter alia, monitors current economic trends and advises the
Government on all matters having bearing on internal and external aspects of
economic management including, prices, credit, fiscal and monetary policy and
investment regulations. All the external, financial and technical assistance
received by India, except through specialized International Organizations like
FAO, ILO, UNIDO and except under International bilateral specific agreement
in the field of science and technology, culture and education are also monitored
by this Department.
Department of Economic Affairs (DEA) is divided into fourteen functional
Divisions, namely: (i) Administration and Coordination Division; (ii) Aid,
Accounts and Audit Division; (iii) Bilateral Cooperation Division; (iv) Budget
Division; (v) Coin and Currency Division; (vi) Economic Division; (vii) Financial
Market Division; (viii) Financial Sector Reforms and Legislation Division; (ix)
Financial Stability Division; (x) Infrastructure Policy and Finance Division; (xi)
International Economic Relations Division; (xii) Investment Division;
(xiii)Multilateral Institutions Division;and (xiv) Statistical and Data Analysis
and Monitoring Division. The Department of Economic Affairs is also
responsible for preparation and presentation of Union Budget to the Parliament
and the Budget for the state governments under President's Rule and union
territory administrations. The Directorate of Currency has the administrative
control of the Security Printing and Minting Corporation of India Limited
(SPMCIL), a wholly owned Government of India Corporation that manages
Government of India Mints, Currency Presses, Security Presses and Security
Paper Mill. In addition to formulating and executing policies and programmes
relating to designs/security feature of bank notes and coins and issue of
commemorative coins, the Directorate of Currency has also been mandated to
conduct R and D activities in this area and indigenization of all materials required
for production of bank note and others security products.