കേരള ധനകാര്യ വകുപ്പ് Dhanakarya Vakkuppu | |
Department overview | |
---|---|
Formed | 1811 |
Jurisdiction | Kerala |
Headquarters | Thiruvananthapuram |
Minister responsible |
|
Department executive | |
Child agencies |
|
Website | http://www.finance.kerala.gov.in/ |
The Department of Finance is a key ministry that manages the state finances and economy of the State of Kerala. The department is headed by a senior minister who has cabinet ranking as per Indian Cabinet Protocol Laws. The state assembly rules of 1966 ranks the department and its minister as number 3 in official rankings after Chief Minister and Opposition Leader.
The finance department manages and regulates the state economy and finances through taxation, financial legislation, financial institutions, capital markets, center and state finances, and the State Budget.
The British Resident and Dewan, Col. John Munro, and Her Highness Rani Lakshmi Bai, as part of their reform and modernization of Kerala's administration between 1811 and 1814, had framed some of the major departments of the Secretariat like Finance, Revenue, Police, etc. A Peshkar (Secretary of the State) was appointed to manage state finances.
In the course of legislative developments in 1865, the foundation stone was laid for the Secretariat building by His Highness Ayilyam Thirunal Majaraja. The Secretariat began to function from 23 August 1869. Earlier, the Secretariat was known as Huzur Cutchery, Public Office or Puthen Kacheri. The Finance Department, ever since, has played a major role in governance. (The Secretariat later came to be known as ‘Government Secretariat’, from 25 August 1949, by virtue of Circular no. M3-5412/49/CS).
Unlike other Indian states, Revenue functions of Finance department is separated from the department and maintained as an independent department with another senior cabinet ranking minister, heading the portfolio. This was primarily because of Kerala’s long history in keep state revenues as an independent department during monarchical days. During Monarchical days in Kochi and Travancore Kingdoms, most of the land are owned by Royal governments, which has been leased to feudal lords, planters, industrialists, temple bodies and religious congregations for carrying out economic activities in return for fixed revenue. Prior to forming finance department, it was Pandara (also pronounced as Bhandra Dept- Malayalam name of Revenue dept) managing state finances. When separate finance department was formed to formulate state financial policies, expenditure controls, investment opportunities and controlling fiscal deficits, the tax collection and revenue remained as a separate body itself.
Major functions of the Finance Department include the following
The Department is managed by a senior Minister who has a Cabinet ranking. The Current minister is Sri.K.N.Balagopal. The department is assisted by Finance Secretary and 14 additional secretaries.
Department of Finance has following sub-departments;
The Following are classified as line departments of DOF, in which they have direct control
The Department of Finance also controls Kerala Financial Corporation, an important agency in leading finance and credit for industrial and agricultural projects for private and public.
The Finance Department controls the major functions like Stores & Purchase, Commercial Taxes, Agricultural Income Tax, Treasuries, Lotteries, Local Fund Audit, Financial Enterprises, State Insurance, Stamps & Stamp Duties etc.
The Department of the Treasury (USDT) is the national treasury and finance department of the federal government of the United States, where it serves as an executive department. The department oversees the Bureau of Engraving and Printing and the U.S. Mint. These two agencies are responsible for printing all paper currency and minting coins, while the treasury executes currency circulation in the domestic fiscal system. The USDT collects all federal taxes through the Internal Revenue Service; manages U.S. government debt instruments; licenses and supervises banks and thrift institutions; and advises the legislative and executive branches on matters of fiscal policy. The department is administered by the secretary of the treasury, who is a member of the Cabinet. The treasurer of the United States has limited statutory duties, but advises the Secretary on various matters such as coinage and currency production. Signatures of both officials appear on all Federal Reserve notes.
A ministry of finance is a ministry or other government agency in charge of government finance, fiscal policy, and financial regulation. It is headed by a finance minister, an executive or cabinet position.
The Treasurer of Australia is a high ranking official and senior minister of the Crown in the Government of Australia who is the head of the Ministry of the Treasury which is responsible for government expenditure and for collecting revenue. The Treasurer plays a key role in the economic policy of the government. The current Australian Treasurer is Jim Chalmers whose term began on 23 May 2022.
Manitoba Finance is the department of finance for the Canadian province of Manitoba.
The Ministry of Finance is a ministry within the Government of India concerned with the economy of India, serving as the Treasury of India. In particular, it concerns itself with taxation, financial legislation, financial institutions, capital markets, centre and state finances, and the Union Budget.
Local governments in Kerala enjoy very stable sources of revenue compared to their counterparts in the country. Even before the 73rd and 74th constitutional amendments in 1994, the situation was true. The sources of income earmarked for local governments, prior to the amendments, were meant for providing civic services and welfare functions, but not for development functions. The scenario had changed after the constitutional amendments and enactment of conformity acts in the State in 1994. Significant portion of development functions of the State were devolved to local governments. In 1996, the State government earmarked one-third of its development plan size as devolved funds for bottom-up planning in development sectors transferred to local governments. This was followed by many measures to support the financial health of local governments in the State. The tiny State of Kerala, lying in the south-west corner of Indian Union, emerges as a classic paradigm in fiscal decentralization to local governments.
The Kerala Government Secretariat is the seat of administration of the Government of Kerala, in Thiruvananthapuram, housing important ministries and bureaucratic offices. It is the highest echelon of state administrative structure offering locus for the exercise of executive authority by the State Government of Kerala. The secretariat refers to the complex of departments. Its political heads are the ministers while the administrative heads are the Secretaries to the Government. The Government Secretariat is a popular landmark and located in heart of the Thiruvananthapuram City, in Narmada Road. The Secretariat complex was originally constructed as Durbar Hall for Travancore Kingdom.
The Ministry of Finance is one of the fourteen ministries of the Government of Moldova. It is the central specialized body of public administration, which develops and promotes the unique policy of training and managing public finances, applying financial levers in line with the requirements of the market economy. In its activity, the Ministry of Finance is governed by the Constitution of the Republic of Moldova, the laws of the Republic, the decrees of the President of the Republic of Moldova, the resolutions of the Parliament, the ordinances, the decisions and the provisions of the Cabinet of Moldova.
The Ministry of Economic Affairs and Finance's functions are:
The Ministry of Finance of Azerbaijan Republic is a governmental agency within the Cabinet of Azerbaijan in charge of regulating the financial sector in Azerbaijan Republic. The ministry is headed by Samir Sharifov.
The Ministry of Finance of Ukraine is the ministry of the Ukrainian government charged with developing and implementing national financial and budget policies, and with defining national policies in customs and taxation. The ministry is responsible for ensuring that the state has enough resources to perform its functions and that financial policies promote economic growth.
The Ministry of Finance is a governmental agency within the Cabinet of Georgia in charge of regulating the financial sector in the Republic of Georgia. Lasha Khutsishvili has served as the Minister since 1 April 2021.
Roads and Bridges Development Corporation of Kerala Ltd (RBDCK) is an autonomous body under the Government of Kerala which manages construction of roads and bridges in the state of Kerala, India. In contrast with the Kerala Public Works Department, RBDC is an autonomous body which mobilises its own fund for its operations. The public work minister is the Chairman of the company. The head office of RBDCK is at Kochi, with regional office at Thiruvananthapuram.
The Ministry of Economy and Finance, also known by the acronym MEF, is a ministry of the Italian government. Its responsibilities include overseeing economic policy, public investments and spending. The Ministry's headquarters are located in Rome's historic Palazzo delle Finanze. The current minister in the Meloni Cabinet is Giancarlo Giorgetti.
Finance Department is a department of Government of Punjab, Pakistan. The Finance Department is responsible for supervision and control of provincial finances, preparation of provincial budget, formulation of Financial Rules, management of public debt.
The Ministry of Finance is an Indonesian government ministry responsible for the nation's finance and state assets. The Finance Minister is responsible to the President. The ministry's motto is Nagara Dana Rakça, which means "guardian of state finance".
In Malaysia, federal budgets are presented annually by the Government of Malaysia to identify proposed government revenues and spending and forecast economic conditions for the upcoming year, and its fiscal policy for the forward years. The federal budget includes the government's estimates of revenue and spending and may outline new policy initiatives. Federal budgets are usually released in October, before the start of the fiscal year. All of the Malaysian states also present budgets. Since state finances are dependent on money from the federal government, these budgets are usually released after the federal one.
The Ministry of Finance or Ministry of Treasury (MH) is the department of the Government of Spain responsible for planning and carrying out the government policy on public finance and budget. It applies and manages the regional and local financing systems and the provision of information on the economic-financial activity of the different Public Administrations.
The Spanish Tax Administration Agency, commonly known as Agencia Tributaria, is the revenue service of the Kingdom of Spain. The agency is responsible for the effective application of the national tax and customs systems and for those resources of other Public Administrations and the European Union whose management is entrusted to it by law or agreement.
Sierra Leone Ministry of Finance is a ministerial department of the Government of Sierra Leone, and is in charge of managing the revenue and finances of the Sierra Leone government. The ministry implements the economic policies and is responsible for public financial management. The ministry advises the President of Sierra Leone on economic issues. The headquarters of the Sierra Leone Ministry Of Finance is located on George Street in Freetown, Sierra Leone.