Finance Secretary (India)
The finance secretary (pronounced [vit̪t̪ə səcivə]) is the administrative head of the Ministry of Finance. This post is held by senior IAS officer of the rank of Secretary to Government of India. T. V. Somanathan is the incumbent Finance Secretary.[1][2][3]
| Finance Secretary of India | |
|---|---|
| Ministry of Finance | |
| Reports to | |
| Residence | New Moti Bagh, New Delhi, India |
| Seat | Ministry of Finance North Block, Cabinet Secretariat Raisina Hill New Delhi |
| Appointer | Appointments Committee of the Cabinet |
| Term length | Two years, term can be extended. |
| Formation | 1947 |
| Salary | ₹225,000 (US$2,800) monthly |
| Website | Official Website |
Under Section 22, of Reserve Bank of India Act, 1934, Finance Secretary signs the 1-rupee note.[4]
As a Secretary to Government of India, the Finance Secretary ranks 23rd on Indian Order of Precedence.[5][6][7][8]
Powers, responsibilities and postings edit
Finance Secretary is the administrative head of the Ministry of Finance, and is the principal adviser to the Finance Minister on all matters of policy and administration within the Finance Ministry.[9] The senior most Secretary among the five Secretaries of the five Departments of the Ministry of Finance, viz. Economic Affairs, Expenditure, Financial Services, Revenue and Investment & Public Assets Management of Ministry of Finance, is designated as Finance Secretary.[10]
The role of Finance Secretary is as follows:
- To act as the administrative head of the Ministry of Finance. The responsibility in this regard is complete and undivided.[11]
- To act as the chief adviser to the Finance Minister on all aspects of policy and administrative affairs.[11]
- To represent the Ministry of Finance before the Public Accounts Committee of the Parliament of India.[11]
- To act as the first among equals among secretaries in the Ministry of Finance.
Emolument, accommodation and perquisites edit
The Finance Secretary is eligible for a Diplomatic passport. The official earmarked residence of the Union Finance Secretary is 5, New Moti Bagh, New Delhi, a Type-VIII bungalow.
As the Finance Secretary is of the rank of Secretary to Government of India, his/her salary is equivalent[12] to Chief Secretaries of State Governments and to Vice Chief of Army Staff/Commanders, in the rank of Lieutenant General and equivalent ranks in Indian Armed Forces.[12]
| Base Salary as per 7th Pay Commission (Per month) | Pay Matrix Level | Sources |
|---|---|---|
| ₹225,000 (US$2,800) | Pay Level 17 | [13] |
List of former finance secretaries edit
| # | Name | Period | Notes / Ref(s) |
|---|---|---|---|
| 1 | K.R.K Menon | 1949 – 1950 | |
| 2 | K. G. Ambegaonkar | 1950 – 1955 | Later served as the Governor of the Reserve Bank of India in 1957. |
| 3 | Hirubhai M. Patel | 1955 – 1958 |
|
| 4 | A. K. Roy | 1958 – 1960 | |
| 5 | S. Bhoothalingam | 1960 – 1964 | |
| 6 | Lakshmi Kant Jha | 1964 – 1966 | Later served as the Governor of the Reserve Bank of India from 1967 to 1970 |
| 7 | Sarukkai Jagannathan | 1967 – 1968 | Later served as the Governor of the Reserve Bank of India from 1970 to 1975 |
| 8 | I. G. Patel | 1968 – 1972 | Later served as the Governor of the Reserve Bank of India from 1977 to 1982 |
| 9 | M. G. Kaul | 1973 – 1975 | |
| 10 | N. C. Sen Gupta | 1975 | Later served as the Governor of the Reserve Bank of India from May to August, 1975 |
| Ashok Lavasa | 2016 – 2017 | Later EC, Election Commission of India and then VP, Asian Development Bank | |
| Hasmukh Adhia | 2017 – 2018 | Later Chairman, Bank of Baroda | |
| Ajay Narayan Jha | 2018 – 2019 | Later Member, Fifteenth Finance Commission | |
| Subhash Chandra Garg | 2019 – 2019 | Served as Secretary (EA) from 2017 and designated FS in March 2019. | |
| Rajiv Kumar (civil servant) | 2019 – 2020 | Later served as EC and then Chief Election Commissioner of India | |
| Dr. Ajay Bhushan Pandey | 2020 – 2021 | Later Chair National Financial Reporting Authority | |
| Dr. T. V. Somanathan | 2021 – Current |
See also edit
- Cabinet Secretary of India
- Home Secretary of India
- Foreign Secretary of India
- Defence Secretary of India
- Revenue Secretary of India
References edit
- ^ "rajiv-kumar-appointed-as-new-finance-secretary". ndtv. Retrieved 31 July 2017.
- ^ "in-big-revamp-finance-secy-moved-out-new-home-secy-likely". timesofindia. Retrieved 25 July 2019.
- ^ "Senior IAS officer T V Somanathan appointed new finance secretary". Business Standard India. Press Trust of India. 13 February 2020. Retrieved 14 February 2020.
- ^ "Who Signs On Rupee One Note? Which Was Highest Value Note Printed In India?". NDTV.com. Retrieved 18 November 2023.
- ^ "Order of Precedence" (PDF). Rajya Sabha. President's Secretariat. 26 July 1979. Retrieved 24 September 2017.
- ^ (PDF). Ministry of Home Affairs, Government of India. President's Secretariat. 26 July 1979. Archived from the original (PDF) on 27 May 2014. Retrieved 24 September 2017.
- ^ . Ministry of Home Affairs, Government of India. President's Secretariat. Archived from the original on 28 April 2014. Retrieved 24 September 2017.
- ^ Maheshwari, S.R. (2000). Indian Administration (6th Edition). New Delhi: Orient Blackswan Private Ltd. ISBN 9788125019886.
- ^ "Central Secretariat Manual of Office Procedure - 14th Edition (2015)" (PDF). Ministry of Personnel, Public Grievances and Pension. p. 6. Retrieved 15 November 2016.
- ^ "Secretary (Economic Affairs) as Finance Secretary doesn't deal with expenditure proposals from the Ministry of Defence; Rather it is Department of Expenditure, Ministry of Finance which deals with financial sanctions relating to all the Ministries of the Government of India". Press Information Bureau, Government of India. 11 February 2019. Retrieved 7 June 2019.
- ^ a b c Laxmikanth, M. (2014). Governance in India (2nd Edition). Noida: McGraw Hill Education. pp. 3.1–3.10. ISBN 978-9339204785.
- ^ a b "Army Pay Rules, 2017" (PDF). Ministry of Defence, Government of India. 3 May 2017. Retrieved 24 September 2017.
- ^ (PDF). Seventh Central Pay Commission, Government of India. Archived from the original (PDF) on 20 November 2015. Retrieved 13 August 2017.
External links edit
- Finance Ministry, Official website