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Option 4 : 1, 2 and 3

The correct answer is option 4 i.e. 1, 2 and 3

  • The 'Ministry of Finance' comprises of the five Departments namely -
Ministry Department
Ministry of Finance
  1. Department of Economic Affairs
  2. Department of Expenditure
  3. Department of Financial Services
  4. Department of Investment and Public Asset Management
  5. Department of Revenue
  • The Department of Financial Services covers the functioning of Banks, Financial Institutions, Insurance Companies, and the National Pension System.
  • The Department of Expenditure is the nodal Department for overseeing the public financial management system in the Central Government and matters connected with state finances.
  • The Department of Revenue controls in respect of matters relating to all the Direct and Indirect Taxes.
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Related Questions

Two statements are followed by three Conclusions I, II and III. You have to consider the statements to be true, even if they seem to be at variance from commonly known facts. You are to decide which of the given conclusions can definitely be drawn from the given statements and indicate your answer accordingly. Statements: I. After a Pay Commission bonanza of 2% hike in dearness allowance in March, central government employees and pensioners can expect another round of salary increase with the government set to modify the index and base year for calculating dearness allowance.  II. The labour ministry is working on a new series of consumer price index for industrial workers (CPI-IW), which is used to determine dearness allowance (DA).  Conclusions: I. DA is a cost of living adjustment allowance paid to government employees, public sector employees and pensioners in the country. It is calculated as a percentage of an employee’s basic salary to mitigate the impact of inflation on people.  II. Since theindex is used to determine dearness allowance of all government employees and industrial workers there may be significant financial implication. III. The trend so far is that the weightage of transport, healthcare and housing has gone up many fold in the new series in the monthly expenditure of an industrial worker, especially consumption of petrol and diesel with the addition of cars to it, while there is decline in overall food basket which is being diversified.?
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