Finance Secretary of India
Flag of India
Incumbent
T. V. Somanathan, IAS
since 29 April 2021
Ministry of Finance
Reports to
ResidenceNew Moti Bagh, New Delhi, India
SeatMinistry of Finance
North Block, Cabinet Secretariat
Raisina Hill
New Delhi
AppointerAppointments Committee of the Cabinet
Term lengthTwo years, term can be extended.
Formation1947 (1947)
Salary₹225,000 (US$2,800) monthly
WebsiteOfficial Website

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]

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

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:

Emolument, accommodation and perquisites

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]

Finance Secretary monthly pay and allowances
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

#NamePeriodNotes / Ref(s)
1K.R.K Menon1949 – 1950
2K. G. Ambegaonkar1950 – 1955Later served as the Governor of the Reserve Bank of India in 1957.
3Hirubhai M. Patel1955 – 1958
4A. K. Roy1958 – 1960
5S. Bhoothalingam1960 – 1964
6Lakshmi Kant Jha1964 – 1966Later served as the Governor of the Reserve Bank of India from 1967 to 1970
7Sarukkai Jagannathan1967 – 1968Later served as the Governor of the Reserve Bank of India from 1970 to 1975
8I. G. Patel1968 – 1972Later served as the Governor of the Reserve Bank of India from 1977 to 1982
9M. G. Kaul1973 – 1975
10N. C. Sen Gupta1975Later 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

References

  1. ↑ "rajiv-kumar-appointed-as-new-finance-secretary". ndtv. Retrieved 31 July 2017.
  2. ↑ "in-big-revamp-finance-secy-moved-out-new-home-secy-likely". timesofindia. Retrieved 25 July 2019.
  3. ↑ "Senior IAS officer T V Somanathan appointed new finance secretary". Business Standard India. Press Trust of India. 13 February 2020. Retrieved 14 February 2020.
  4. ↑ "Who Signs On Rupee One Note? Which Was Highest Value Note Printed In India?". NDTV.com. Retrieved 18 November 2023.
  5. ↑ "Order of Precedence" (PDF). Rajya Sabha. President's Secretariat. 26 July 1979. Retrieved 24 September 2017.
  6. ↑ "Table of Precedence" (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.
  7. ↑ "Table of Precedence". Ministry of Home Affairs, Government of India. President's Secretariat. Archived from the original on 28 April 2014. Retrieved 24 September 2017.
  8. ↑ Maheshwari, S.R. (2000). Indian Administration (6th Edition). New Delhi: Orient Blackswan Private Ltd. ISBN 9788125019886.
  9. ↑ "Central Secretariat Manual of Office Procedure - 14th Edition (2015)" (PDF). Ministry of Personnel, Public Grievances and Pension. p. 6. Retrieved 15 November 2016.
  10. ↑ "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.
  11. 1 2 3 Laxmikanth, M. (2014). Governance in India (2nd Edition). Noida: McGraw Hill Education. pp. 3.1–3.10. ISBN 978-9339204785.
  12. 1 2 "Army Pay Rules, 2017" (PDF). Ministry of Defence, Government of India. 3 May 2017. Retrieved 24 September 2017.
  13. ↑ "Report of the 7th Central Pay Commission of India" (PDF). Seventh Central Pay Commission, Government of India. Archived from the original (PDF) on 20 November 2015. Retrieved 13 August 2017.
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