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Title A Study on Financial Administration India Perspectives

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A Study on Financial Administration India Perspectives.
Abstract The study mainy for the administration of the various financial rules and regulations including those relating to to the condition of services of the government, employees, administrative matter relating to the audit and accounts depatments,institutes and organizational establishments and financial frame work relating to the depatments and ministry , departmental expenditure and revenue generation and development .the concept mainy works with the division of economic affairs internal and external matters. The economic division advises the department on question of economic policy, works with the criteria of economic survey , economic classification, and planning of public finance. Broadly speaking there are two main type of administrative controls (1) the internal control , (2) external control, internal control those are which fitted into administrative machinery and itself and work automatically with the moment of the machinery and external control those which are fitted out side of the administrative machinery and constitute invariably and makes provision for them I . An Overview The origin of the financial ministry in india goes back to the year 1810 when a separate finance department was created out of the public department. But a separate secretary for a finance department was appointed in 1843. in 1879 the finance department was redesignated as the Department of Finance and Commerce which designation continued upto 1905 when it was renamed as Department of Finance. With the constitutional changes bougt about by government of india act, in 1919 the finance department was reorganized in to seven branches viz., General Finance, Revenue, currency, and banking , salaries, allowances, civil accounts, army finance, and military accounts, the Auditor-General was assigned to the statutory status. ,in 1955 it was reorganized into four departments . ( I ) Department of Economic Affairs , ( ii ) Department of Revenue ,

( iii) Department of Expenditure , (iv ) Department of Company Law Administration . Objective ; The main purpose of study is to examine the performance of and procedures in a area of corporate governance , public sector banks and focus on quality of Financial Administration II. Methodology The present study is a case method of research . the relevant data have been collected from secondary source comprising of reports of Economic survey of india , RBI bulletin, Global Financial stability Report, Report on trend and progress of banking in india,various reports and journals and magazines like small and medium enterprises in global perspective , new century publication , new Delhi , DIC prospective plan of 2005-06 glabal corporate environmentatalism , asian book pvt, ltd new delhi. Reports on trend and progress of banking in india,2004-2007 www. Bankingreport.rbi.org.in, the information browsed from the internet from the website and other related banking industry agencies. Nature and importance of Financial Administration Having completed the structure of Indian administrative vessel and provided it with a well trained crew, we have to supply ir a motive power so as to enable it to move, the public finance is, in fact an integral part of administrative act, says mr. white, has its financial implications either creating a charge on treasury or making a contribution to it. Nothing can be done without expenditureof the money . public finance has several aspects , such as public revenue and public expenditure, public debt, and balancing the budgetfiscal policy and financial administration., etc III . Functions of Finance Ministry The Ministry of Finance is responsible for the following functions i) The administration of finance of the central government and dealing with financial matters affecting the country as a whole

ii)

Raising the necessary revenues for carrying on the administration and regulating the taxation and borrowing policies of the government The administration of problem relating to the banking and currencu, and in consulation with the ministries concerned arranging for the proper utilization, of the countries foriegn exchange resources Controlling the entire expenditure of government in co operation with the administrative ministries and departments concerned.

. iii)

iv)

IV. Organisation of the Ministry of Finance The Ministry of Finance is under the charge of the a Ministry of the cabinet rank,, he is assisted by a minister of state and deputy minister . the ministry at present is organized into four departments; I. Department of Revenue and Insurance. This Department responsible for all matters relating to central board of revenue . custom, income tax, central excise, sales tax, insurance, stamp duties on bill of exchange, cheques and promissory notes bills of lading, letter of credit transfer of shares, debenture and foreign exchange. It also advise the government on fiscal matters Department of Expenditure. This Depatrment responsible for financial rules and regulations , delegation of financial power , financial sanctions relating to all offices of the govt of india and advise to the ministries and government on planning and development and bureau of public enterprises. Department of Economic Affairs. The department of economic affairs of Ministry of Finance , headed by secretary, is one of the most important department, it prepares the government budget, makes periodic assessment of foreign exchange needs and resources to mobilize allocate resources.

II.

III.

IV.

Department of Banking. This Department was created in august, 1969, as a follow up nationalisationof the 14 major commercial banks in the country that directly concerned with Economic Affairs

A ) The Budget system in india In india , the budget is called the” Annual Financial Statement” , unlike France and UK, I ndia does not have one budget for the whole country but has a number of budgets. The state government havethiere own separate budgets, and union government its own.but the union government itself has two budgets viz, General budget and Railway budget the Railway budget deals with the estimate of the Railway Ministry and , while the General Budget deals with the estimates of all other central agencies, B ) Indian Financial System Our financial system is a complete centralization of the Audit and Accounts functions, firstly, Audit and Accounts are united in one and the same department is called the Indian Audit and Accounts department and secondly , this Department is responsiblefor the Audit and Accountsof the union as well as Governments.it is placed and under the control of the Auditor – General of indiawho is constitutional authority and independent of Executive Branch.

V. Analysis of India Union Budget 2009-10
The Indian Union Budget 2009-10 has been presented in the parliament by finance minister Mr.Pranab Mukherjee. Union Budget is one of the important events which was being awaited eagerly by everyone especially the traders and the investors in the stock markets. Here we bring the complete analysis of the Union budget 2009-10 as it happens live.The budget had to maintain a tough balance between fiscal deficit and the measures taken to revive the economy to come out of the crisis soon. Here are some of the highlights of the Union Budget 2009-10

o One of the major highlights of the union budget 2009-10 is that the Government has increased its allocation to rural job scheme by Rs 39,000 crores or 144% rise. Mr ukherjee said NREGA (National Rural Employment Guarantee Act) was a huge success and the Govt will provide Rs 100/day to the rural people.

o The other highlight of the Union budget 2009-10 is that it lays much emphasis on the Infrastructure development. The allocation for National Highways Development Programme (NHDP) and NHAI has been increased by 23% in this fiscal. Railways also to get Rs 15,000 crores which was Rs 10,000 crores in the interim budget.

o As far as disinvestment goes union budget 2009-10 has allocated Rs 1120 towards disinvestment proceeds.The govt will now hold 51% in the public sector undertakings. Sectors like banks, insurance will remain in public sector and they will be given capital infusion to recover from the current scenario.* India’s GDP has fallen to 6.7% in the fiscal year ending 2008-09. Finance minister has said that the Govt’s main goal is to bring back the GDP growth rates to 9% as soon as possible. The fiscal deficit of the country now stands at 6.8% of GDP and is highest in the last 2 decades.

Conclussion and suggestion ; 1. Such planning must be based upon the through research , through national needs and resources and also of the conditions of the governance internal and external matter of the country, Economically , the world today is a single composite unit.

2. At slight change in the economy of the company has far reaching parts of the world, thus the concept of globalization 3. Hence much fo the budget planning of the future will flow from statistical machines which constantly tabulate the flow of information from the remote corner of the world.

VI . References ;

1. Money and Banking centre for Monitoring India Economy, Rajiv Rajan Reserve Bank of India occasional papaers. 2006-07,

2. Report and Trends and Progress of banking in india, 2004-07. www.bankreport.rbi.org.in

3. India Accounting Reviews, December 2007

4. Judge Ahluwalia . , Oxford University Press , Calcutta.

5. Indian Union Budget 2009-10, parliament of india, Ministry of Finance.

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