Home Minister P.Chidambaram is India’s new finance minister, while his cabinet colleague Sushilkumar Shinde will take charge of the home ministry, a Rashtrapati Bhavan communique issued Tuesday said.

“The president, as advised by the prime minister, has directed that the portfolios of the following ministers will be re-allocated as follows P. Chidambaram Finance, Sushilkumar Shinde Home Affairs,” the statement said.

“Further, as advised by the prime minister, the president has also directed that M. Veerappa Moily, Minister of Corporate Affairs, will be assigned additional charge of the ministry of power,” the statement added.

Shinde was holding the power portfolio.