Finance Department

The Finance Department functions are mainly related to maintenance of proper Books of Accounts for the transactions executed by the port, Preparation of Annual Budget estimates, coordinating with Audit, attending to Tax and other legal compliances. Prior to enactment of the Major Port Trust Act, 1963, the Accounts department was headed by the Chief Accountant and later the Major Port Trust Act, 1963, assigns clear role for Finance functions under Sec 87 to Sec 91, Sec 98 to Sec 101 and Sec 107. The Finance department is headed by the Financial Adviser and Chief Accounts Officer. Now the Major Port Trust Act, 1963 has been repealed and replaced by The Major Port Authorities Act, 2021.

Under the Major Port Authority Act 2021 the Role of Finance department is to scrutinize and extend finance concurrence to proposals having financial implications and the tasks as assigned from time to time by the Board or competent authority. Specifically the Finance department  role is covered in the following sections of the MPA act 2021:

Section 15 , 24 , 26 to 32 and Chapter IV of the MPA Act.

In addition, the usual roles of the Finance Department involves Maintenance of Books of Accounts, Internal audit, Tax compliances, maintenance of bank accounts and authorizing banking transactions, Passing of Bills (Expenditure and Revenue) , Monitoring cash flow and Fund Management including Investment (placement of funds), Maintaining and operating Superannuation fund trust accounts, Maintaining of asset register, Property Insurance, attending to Costing and rate revision proposals, providing MIS reports (related to Financial Information) etc.

In VPA, the evolution of the port as a land lord port has expanded the role of Finance department in monitoring the implementation of the projects (PPP), collecting royalties and other revenues from the concessioners in time and associating in arbitration proceedings from the VPA perspective especially on financial issues.

ORGANIZATION CHART OF FINANCE DEPARTMENT

The main functions of the Finance department are --

• Administrating and Managing the Finance Department.
• Advisory function on all financial matters to the Chairperson and Board.
• Accounting and auditing of all port financial transactions including port revenues.
• To raise loans on behalf of the Board as and when necessary.
• To build up reserves and funds as directed by the Board.
• To ensure that the cash balances of the Board are invested as per the laid down-regulation.
• To prepare periodical statements for information of the Board.
• Preparation and Finalization of Annual Accounts. Preparation of Budget estimates for Capital and Revenue for approval of Board / Ministry.
• Financial vetting of estimates, proposals, tenders and board notes, etc.
• Disbursing payment to contractors, suppliers, employees, and pensioners. Collecting revenue for port services including Royalties from PPP operators.
• Complying various statutory obligations viz., Income Tax (incl. TDS & TCS), G.S.T, Property Tax, Professional Tax, etc.,
• Implementation of Ministry Orders / circulars pertaining to employees / officers / trade and contractors etc.
• Submitting the necessary information to the Ministry.
• Maintaining the Pension Fund, Gratuity Fund, and Provident Fund through their respective trust accounts.

Various compliance aspects w.r.t to the Income Tax and the GST are being monitored by the Finance Department. The Finance Department plays a vital role in the overall growth of VPA, especially focusing on prudence in Financial Management and assisting the Board in formulating policies that are sustainable from Finance perspective.