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Finance Secretary (India)

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.

Under Section 22, of Reserve Bank of India Act, 1934, Finance Secretary signs the 1-rupee note.

As a Secretary to Government of India, the Finance Secretary ranks 23rd on Indian Order of Precedence.

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. 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.

The role of Finance Secretary is as follows:

To act as the administrative head of the Ministry of Finance. The responsibility in this regard is complete and undivided.
To act as the chief adviser to the Finance Minister on all aspects of policy and administrative affairs.
To represent the Ministry of Finance before the Public Accounts Committee of the Parliament of India.
To act as the first among equals among secretaries in the Ministry of Finance.

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 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.