India's Ambassador at the World Trade Organisation K M Chandrashekar is all set to become the new revenue secretary and special secretary S N Menon will become the new commerce secretary.

Chandrashekar comes in place of Vineeta Rai who retired from service today. Menon takes over from Dipak Chaterjee on his superannuation, official sources told PTI.

Chandrashekar is to be replaced by U S Bhatia, currently joint secretary, information and broadcasting ministry, sources said, adding Komal Anand will take over as the new company affairs secretary.

Economist Parthasarathy Shome, who has already been appointed as advisor to the finance minister, will assume office from Friday. Shome replaces Vijay Kelkar and would have secretary's rank. Shome, who was working in International Monetary Fund, is an expert on public finance.

The finance ministry will have a new team of bureaucrats before the budgetary exercise begins in October end or early November. Finance secretary D C Gupta is retiring on October 31 and RBI Deputy Governor Rakesh Mohan is tipped to takeover from him.

Mohan, who has earlier served as chief economic advisor, was head of a committee that submitted a report on infrastructure development in the country, which requires $150 billion investment in the next 4-5 years.