Question

Which of the following is NOT one of the departments of the Ministry of Finance in India?
A) Economic Affairs
B) Expenditure
C) Revenue
D) Social Justice

Answer 1

Hint: The Ministry of Finance, often known as the Indian Treasury Department, is a ministry within the Indian government that is responsible for the country's economy. It focuses on taxation, financial legislation, financial institutions, capital markets, federal and state budgets, and the Union Budget in particular.

Complete answer:
The Indian Revenue Service, Indian Economic Service, Indian Cost Accounts Service, and Indian Civil Accounts Service are all under the control of the Ministry of Finance. R. K. Shanmukham Chetty served as India's first Finance Minister. On November 26, 1947, he presented the first budget of independent India.

Five department of Ministry of Finance:
- The Department of Expenditure is the main department for supervising the Central Government's public financial management system and matters relating to state finances.
- The Department of Economic Affairs is the Union Government's nodal department for formulating and monitoring the country's economic policies and programmes that affect domestic and international economic management.
- The Secretary of the Treasury supervises and directs the Department of Revenue (Revenue). Through two statutory Boards, the Central Board of Direct Taxes (CBDT) and the Central Board of Indirect Taxes and Customs (CBITC), it exerts authority over all Direct and Indirect Union Taxes (CBIC).
- Banks, insurance, and financial services supplied by various government agencies and commercial enterprises are all covered by the Department of Financial Services. Pension changes, Industrial Finance, and Micro, Small, and Medium Enterprise are all covered. The Pradhan Mantri Jan Dhan Yojana was launched.
- The Department of Disinvestment has been renamed the Department of Investment and Public Asset Management, or 'DIPAM,' in order to better manage the Centre's equity investments, including its disinvestment in central government companies.

Hence Social Justice is not included in Ministry of Finance that is option ‘D’.

Note: The belief that everyone deserves equal economic, political, and social rights and opportunities is known as social justice. Social workers strive to provide access and opportunities for everyone, especially those who are most in need.