Department of Finance (Kerala)
Ministry in Kerala, India
From Wikipedia, the free encyclopedia
The Department of Finance is a key ministry that manages the state finances and economy 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.
- V. D. Satheesan, Minister for Finance, Commercial & Agricultural Taxes, State Treasuries, State Insurance, Stamps and Stamp Duties.
| |
| Department overview | |
|---|---|
| Formed | 1811 |
| Jurisdiction | Kerala |
| Headquarters | |
Minister responsible |
|
Department executives | |
Parent department | Government of Kerala |
Child agencies |
|
| Website | http://www.finance.kerala.gov.in/ |
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.
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.
Functions
Major functions of the Finance Department include the following
- Framing of rules regulating the pay, leave and pension of persons in the service of the Government and rules regulating the number, gradings or cadre and emoluments of posts under the Government and also be responsible for seeing that these rules are properly applied.
- Finance Department is responsible for all matters relative to financial procedure and the application of the principles of sound finance.
- Advise on the financial aspect of all transactions relating to loans granted by the Government.
- Safety and proper employment of Famine Relief Fund and other special funds, if any, and for the administration of Provident Funds, Deposits and Advances.
- Examine and report on all proposals for the imposition, increase, reduction or abolition of taxes, duties, cesses or fees.
- Examine and report on all proposals for borrowing or giving of a guarantee by the Government and raise such loans as have been duly authorised, Finance Department shall be in charge of all matters relating to the service of loans or the discharge of guarantees.
- Ensure that proper financial rules are framed for the guidance of other departments and that suitable accounts, including commercial accounts, whatever necessary, are maintained by other departments and establishments subordinate to them.
- Prepare an estimate of the total receipts and disbursements of the State in each year and watching the state of the Government's balances and for their ways and means operations.
- Preparation of Budgets and supplementary estimates.
- Advise departments responsible for the collection of revenue regarding the progress of collection and methods of collection employed.
About Department
The Department is managed by a senior Minister who has a Cabinet ranking. The Current minister is V.D. Satheesan, the Chief Minister of Kerala.[3] The department is assisted by Finance Secretary and 17 additional secretaries. The Finance Secretary is the senior Indian Administrative Service officer, and has the rank of Additional Chief Secretary to Government.[4]
The Finance Department is headed by the Finance Secretary, who is assisted by the Secretary (Finance Resources) and the Secretary (Finance Expenditure), both Indian Administrative Service (IAS) officers, along with a Special Secretary, 17 Additional Secretaries, the Chief Technical Examiner, 33 Joint Secretaries, 26 Deputy Secretaries, and several Under Secretaries and Section Officers. At the district level, the department has a District Finance Inspection Officer (DFIO) in each of Kerala's 14 districts.[5][6]
Sub departments
Department of Finance has following sub-divisions;
- Expenditures
- Budget
- Resources
The Following are classified as line departments of Finance Department, in which they have direct control;
- National Savings Department
- Treasuries Department[7]
- Kerala State Audit Department[8]
- Kerala State Insurance Department[9]
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.
Te Finance Department controls the major functions like Budget, Treasuries, Local Fund Audit, Financial Enterprises, State Insurance, etc.
Special wings
- Finance (Inspection – Non-Technical) Wing – Non-technical financial inspections, audits and examinations of government departments, offices and financial procedures.[10][11][12]
- Finance (Inspection – Technical) Wing – Technical inspections of projects and expenditure. Provides technical oversight, inspections and advice on government public works and projects.[13][14]
- Finance (IT Division) Department – Finance IT and e-governance systems.
List of Finance Ministers
| Portrait | Name | Start date | End date | Chief Minister | Party |
|---|---|---|---|---|---|
 |
C. Achutha Menon | 5 April 1957 | 31 July 1959 | E. M. S. Namboodiripad | CPI |
.jpg) |
R. Sankar | 22 February 1960 | 26 September 1962 | Pattom A. Thanu Pillai | INC |
|
R. Sankar | 26 September 1962 | 10 September 1964 | Himself | INC |
| P. K. Kunju | 6 March 1967 | 13 May 1969 | E. M. S. Namboodiripad | Praja Socialist Party | |
| N. K. Seshan | 1 November 1969 | 2 April 1970 | C. Achutha Menon | Socialist Party | |
| K. T. George | 25 September 1971 | 3 April 1972 | C. Achutha Menon | INC | |
| K. G. Adiyodi | 16 May 1972 | 25 December 1975 | C. Achutha Menon | INC | |
 |
K. M. Mani | 26 December 1975 | 25 March 1977 | C. Achutha Menon | Kerala Congress (M) |
| M. K. Hemachandran | 25 March 1977 | 27 October 1978 | K. Karunakaran / A. K. Antony | INC | |
| S. Varadarajan Nair | 29 October 1978 | 7 October 1979 | P. K. Vasudevan Nair | INC | |
| N. Bhaskaran Nair | 12 October 1979 | 1 December 1979 | C. H. Mohammed Koya | National Democratic Party | |
|
K. M. Mani | 25 January 1980 | 20 October 1981 | E. K. Nayanar | Kerala Congress (M) |
|
K. M. Mani | 28 December 1981 | 17 March 1982 | K. Karunakaran | Kerala Congress (M) |
|
K. M. Mani | 24 May 1982 | 5 June 1986 | K. Karunakaran | Kerala Congress (M) |
| Thachadi Prabhakaran | 5 June 1986 | 5 March 1987 | K. Karunakaran | INC | |
| V. Viswanatha Menon | 2 April 1987 | 17 June 1991 | E. K. Nayanar | CPI(M) | |
.jpg) |
Oommen Chandy | 24 June 1991 | 22 June 1994 | K. Karunakaran | INC |
 |
C. V. Padmarajan | 22 June 1994 | 9 May 1996 | K. Karunakaran / A. K. Antony | INC |
| T. Sivadasa Menon | 20 May 1996 | 13 May 2001 | E. K. Nayanar | CPI(M) | |
 |
K. Sankaranarayanan | 17 May 2001 | 29 August 2004 | A. K. Antony | INC |
.jpg) |
Vakkom Purushothaman | 31 August 2004 | 12 May 2006 | Oommen Chandy | INC |
 |
T. M. Thomas Isaac | 18 May 2006 | 16 May 2011 | V. S. Achuthanandan | CPI(M) |
|
K. M. Mani | 18 May 2011 | 10 November 2015 | Oommen Chandy | Kerala Congress (M) |
|
Oommen Chandy | 10 November 2015 | 20 May 2016 | Himself | INC |
|
T. M. Thomas Isaac | 25 May 2016 | 3 May 2021 | Pinarayi Vijayan | CPI(M) |
 |
K. N. Balagopal | 20 May 2021 | 17 May 2026 | Pinarayi Vijayan | CPI(M) |
 |
V. D. Satheesan | 18 May 2026 | Incumbent | Himself | INC |