The functions of Finance Department in detail may be seen at No.VIII of the Schedule of the Government of Mizoram (Allocation of Business) Rules, 1987 (Notification No. J.12011/11/87-POL, dt.20/2/1987) which allocated 28 subjects to the Department. The procedures followed in the discharge of its allocated duties are provided under Rule 31 to 36 of the Government of Mizoram (Transaction of Business) Rules, 1987
The allocated subjects include:
Financial powers and delegation thereof; Rules relating to pay, allowances and TA; Implementation of pay committee recommendations; Advances; Embezzlement and financial irregularities; Write off; Matter relating to Treasuries; Security deposits; MF&AS Rules; financial aspects of service rules; GIA and Scholarship; interpretation of FR & SR and Civil Service Regulations having financial implications; All budgetary matter including control of expenditure; Internal Audit; Bank/ development of Bank; Pension, DCRG; GPF; Lottery; Insurance schemes of Govt. servants; Discretionary grants rules and procedures; etc.
As per the provisions of Government of Mizoram (Transaction of Business) Rules, 1987, Finance Department is required to do the followings:
- framing and administering, in consultation with DP&AR, of Rules regulating the pay, leave and pensions, and Rules regulating the number, gradings or cadre and emoluments of posts under the State [Rule 31(i)].
-advise on the financial aspects of all transaction relating to loans granted by the State[Rule 31 (ii)].
-responsible for proper utilization, regulation, etc of Provident Fund deposits and advances made to Government officials, etc [Rule 31(iii)].
-shall examine and report on all proposals for the increase or reduction of taxation [Rule 31(iv)].-shall examine and report on all proposals for borrowings by the State, shall raise loans, etc [Rule 31(v)].
--responsible for laying down financial rules for guidance of other Departments. May also take appropriate action to enforce accountability [Rule 31(vi)].
-preparation of an estimate of the total receipts and disbursements of the State in each year and responsible for watching the state of the State Government's balances and their ways and means of operations [Rule 31(vii)].
-It shall prepare a statement of estimated revenue and expenditure and any supplementary estimates or demands to be laid before the Legislature in each year [Rule 31(viii) (a)]. For these purpose, it shall obtain from the Departments concerned materials on which to base its estimates [Rule 31 (viii) (b)]. It examines and advises on all schemes of new expenditure, and declines to provide in estimates for any scheme which has not been so examined [Rule 31 (viii) (c)].
-On the basis of report from Audit Officer, it shall requires the Department concerned to obtain sanction or not to incur further expenditure [Rule 31 (ix)].
-On receipt of report that a Financial Rules has been contravened or a financial irregularity has been committed, it shall take steps to enforce the rule or to stop or rectify the irregularity [Rule 31 (x)].
-Shall lay before Committee on Public Accounts the report of C&AG and shall bring to the notice of the Committee all unauthorized expenditure and financial irregularity [Rule 31 (xi)].
-Shall advice the Departments responsible for collection of revenue regarding the progress of collection and method of collection [Rule 31 (xii)].
-The Department shall be consulted upon all proposals to sanction, relaxation of financial rules and before final orders are passed in any case of serious financial irregularity [Rule 34].
Finance Department may make Rules to govern the financial procedure in general in all Departments [Rule 37]