Finance Minister: Role, Responsibility, Appointment Rule & More

Finance Minister

Finance Minister – Introduction: One of the senior offices of the Union Cabinet, the Finance Minister is responsible for the government’s fiscal policy. The major duty of the Union Finance Minister is to present the annual Union Budget in Parliament, which details the government’s plan for taxation and spending in the coming financial year. Through the budget, the Finance Minister also presents the outline of allocation to all the ministries and departments.

What are the central civil services?

Ministry of Finance India is the apex controlling authority of the four central civil services namely;

  • The Indian Revenue Service; The Revenue Department functions under the overall direction and control of the Secretary (Revenue). It exercises control with respect to matters relating to all direct and indirect union taxes through two statutory boards, the Central Board of Direct Taxes (CBDT) and the Central Board of Indirect Taxes and Customs (CBIC).
  • The Indian Audit and Accounts Service; The Indian Audit and Accounts Service is a Central Group ‘A’ Central Civil Service under the Comptroller and Auditor General of India, Government of India. 
  • The Indian Economic Service; The Department of Economics is the nodal agency of the central government to formulate and monitor the country’s economic policies and programs having a bearing on domestic as well as international parts of the economic management of the country.

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  • The Indian Civil Accounts Service; The Indian Civil Accounts Service (ICAS) (Hindi: Indian Civil Accounts Service) is one of the civil services (“Group A”) of India.  ICAS is under the Ministry of Finance department of expenditure, Union Ministry of Finance.         

The service was created in 1976 to separate the audit and accounts functions of the Central Government with deputation and transfer from the Indian Audit and Accounts Department.  Since 1977, like all other central civil services, personnel have been selected from civil services examinations conducted by the Union Public Service Commission.

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 It is also the apex controlling authority of one of the Central Functional Services of the Central Finance Minister named below;

  • Indian Cost and Management Accounting Service; Observation.  In 1978, the Indian Cost Accounts Service (ICoAS) was formed and the recruitment rules were notified in 1982.  Accounting service with Professional Cost / Chartered Accountant only.  The Chief Adviser is the Management Authority and Central Store of the Cost Cadre.