Ajay Seth has been appointed as the new Finance Secretary
Appointment
5 min read
The Government of India has appointed senior IAS (Indian Administrative Officer) Ajay Seth as the next Finance Secretary. He will succeed Tuhin Kanta Pandey, who took over as the 11th Chairperson of the capital market regulator Securities and Exchange Board of India (SEBI).
The Appointment Committee of the Cabinet in a meeting chaired by Prime Minister Narendra Modi and attended by Union Minister for Home Affairs and Minister for Cooperation, Amit Shah approved the appointment of Ajay Seth as the new Finance Secretary, Union Ministry of Finance.
Ajay Seth is currently the Secretary, Department of Economic Affairs, Ministry of Finance, Government of India. Earlier in February this year, Ajay Seth was also given the additional charge of the post of Secretary, Department of Revenue, Union Ministry of Finance.
Currently, Ajay Seth is India’s Alternate Governor on the Asian Development Banks(ADB) Board of Governors.
Union Finance Minister Nirmala Sitharanan represents India at the ADB Board of Governors.
About Ajay Seth
Ajay Seth is a 1987-batch Indian Administrative Service (IAS) officer of the Karnataka cadre.
Ajay Seth is a BTech in Mechanical Engineering from IIT Roorkee. He also has done MBA from the Ateneo de Manila University, Philippines.
Ajay Seth's expertise lies in social sector administration, public finance, and taxation
Ajay Seth was awarded the Prime Minister's Award for Excellence in Public Administration in 2013 for his exemplary work in transforming Karnataka’s commercial tax administration.
Finance Secretary and One Rupee Notes
Apart from playing a crucial role in formulating the country’s economic policy the Finance Secretary also puts his signature on the one rupee currency notes.
According to the Coinage Act 2011, the government of India issues one rupee currency notes and coins of a minimum denomination of 50 paise and a maximum up to Rs 1000 coins.
Under the RBI Act 1934, the Reserve Bank of India (RBI) can issue currency notes in the denomination of Re 2 to Rs 10,000.
The RBI’s governor signature is on the front side of the currency notes issued by the RBI while the one rupee notes carry the signature of the Union Finance Secretary.
History of One Rupee Notes
- The first one rupee note was issued in 1917 by the British India government with the signature of M.M.S.Gubbay (Controller of Currency in charge of the Independent Department of Currency).
- After the Independence of India, the Government of India redesigned the one rupee note in 1949 and it bore the signature of the then Finance Secretary K.R.K. Menon.
- In 1994 the government stopped printing one rupee note due to high cost.
- The government resumed the one rupee note in 2015 which bore the signature of the then Finance Secretary Rajiv Mehrishi.
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