Functions Of Ministry Of Finance
A finance ministry is an executive or Cabinet position at the level of the ministry of finance. It’s the finance ministry that manages the national economic policy, national budget and other financial regulations. The prime minister also maintains and implements the policies of the finance ministry. 부동산담보대출 The Finance minister also plays an important role in the formulation of public sector strategic plans to deal with short-term financing needs. The prime minister personally maintains the balance sheet of the government and ensures smooth running of the ministries.
The prime minister appoints the members of the board of directors of the ministry of finance. Board of directors consists of secretaries, general managers, financial experts, corporate planning experts, risk managers, vice-presidents, financial officers and treasurers. Finance ministry has separate department for each major objective of the ministry. Below given are the departments of the ministry of finance.
The Ministry of Finance manages the national debt accounts. In addition, the ministry of finance also purchases bank notes and issues them to meet the monetary requirements. In case, it finds necessary to have cash advance loans, ministry of finance lends money through banks.
The current secretary is also responsible for the maintenance of the bank accounts.
The department of revenue is the department that prepares the Statement of Accounts. The statement of account records all the revenue collections and expenditures. All the income from various sources such as income from internal trade revenues, income from surplus stock, sales tax and property rent, interest paid on loans, grants received are published in the statement of accounts. Finance ministry maintains and implements all these transactions and collects the checks for payment.
The position of current secretary may be either general or elective. The prime secretary is responsible for managing the department.
Finance ministry also deals with matters concerning national debt and the national debts. National debts refers to the debts of common community institutions and are incurred during periods of economic growth. National debt is mainly of two kinds namely, federal and regional debts. The ministry of finance decides on the management of the national debts. They also decide on the management of heavy industries and other important public enterprises.
Ministry Of Finance
The department of public utilities is under the ministry of finance. The role of this department is also similar to that of national treasury department. The responsibilities of the staff of public utilities include managing the distribution of electricity and gas. They also act as auditors of all the financial transactions of the utility companies. Auditors make regular reports to the ministry of finance on the audit results and the progress made in the audits.
The department of budget and policies is another section which has its own significance within the ministry of finance. This department monitors the expenditure and savings of the ministry. Savings are mainly made by central government and distributed to various organs of state such as states, municipalities and boards. The budget policy and the department of budget policies help the ministry finance to plan the budget and undertake financial activities accordingly.
A finance minister is usually an appointed or senior executive officer in charge of one or few of the main government finance departments. They are often responsible for approving or reviewing the budget of the government.
This includes all the financial statements and financial reports such as the Accounts, Estimates and journals.
The finance minister will prepare and submit a financial year book to the Houses of Parliament. It is their responsibility to prepare the Statement of Account and to prepare and submit the budget to the government for approval.
The responsibilities of a finance minister include preparation of policies that will control and regulate the development and management of public enterprises, such as the Central and State governments, the private sector and the money market. In addition, the ministry of finance must assist in the funding of education and other types of non-profit organizations. Finance ministers may also delegate other financial responsibilities to other departments or officials within their ministry.
These include controlling the activities of agencies that engage in direct business with the government or directly provide loans to the government. Some examples of such agencies are the Central Bank, the Reserve Banks, the Office of the Comptroller of Currency, the Federal Reserve Board, and the Federal Deposit Insurance Corporation. Other institutions that have agreements with the ministry of finance include banks, mortgage companies, public utilities, labor unions and other large organizations.
The main functions of the ministry of fund are to interpret and promote policies that will control the development and management of the financial resources of the country.
This includes approving the financial statement and reports of the different departments and agencies.
The purpose of the financial statements is to provide a transparent assessment of the financial situation of the organization. The department also determines the interest rates that are charged on the government securities by the banking system and approves the formula for setting the rate. The ministry of finance also manages the refinancing of the country’s currency and performs the role of a lender for the commercial banks.
The first department that is generally part of the ministry of fund is the department of commerce. This department deals mainly with the export and import of goods. Exports constitute the bulk of the revenue of the ministry of finance. Imports are the necessity for sustaining the economic viability of the country. In terms of exports, the main functions are executing contracts, implementing trade policies and ensuring that the foreign currencies purchased and imported conform to the rules of the ministry of finance.
The second department of the ministry of fund is the department of commerce and industry. The commerce department facilitates the shipment of goods by maintaining the records at customs. These records usually include the detailed description of the goods, quantity, date of export or import, value received and value given. The records pertaining to exports are to be maintained with respect to all goods that have been exported, all payments made and all exportation of goods. Details pertaining to imports are to be kept regarding receipt, clearance and receipt of freight, payment and delivery.
This department prepares the VAT returns. The VAT returns facilitate compliance with the tax regulations. The fourth department of the ministry of finance is the department of budget. This department prepares the budget and disseminates it to the ministries, national treasurers, banks and other financial institutions as well as to the general public. The budget is prepared by keeping in mind the current conditions and performance of the fiscal policy of the government, the state of the national economy and the various economic factors affecting the monetary, fiscal and credit portfolios.
They report regularly to the president through the secretaries and perform other functions necessary for the performance of the ministry of finance. These include providing support for both corporate and private sector. For instance, it finances research and development, micro and small businesses, insurance, pensions and funds for education.
The national treasury also plays a major role in the smooth functioning of the fiscal policy by co-ordinating and coordinating the effort of the other departments of the ministry of finance. The treasury department ensures that the national budget is in accordance with the requirement and approves it before circulating it to the other departments of the ministry of fund.
This can have a significant effect on the financial stability of the state.
As part of the ministry of fund, the department of central government control all the money in the country. The control over the money is done through the inflation policy that the department pursues. Thus, if the ministry of finance observes a deficit in the money in any form, the central government will use measures such as raising indirect taxes, issuing more money, or buying assets to correct the deficit.
A ministry of fund, also known as the finance ministry, is an important part of every government. For instance, it determines how much money the state should spend on its defense budget, or how much it should allocate to education. Other important decisions include creating a budget for social services, setting up a bank, and creating licensing standards.
There are many things that a ministry of fund can do. Apart from simply managing the money that the state disburses each year, it also acts as the body that determines the rates of interest that different banks should charge their clients.