Indian Finance Minister Pranab Mukherjee Tuesday resigned from the Congress-led United Progressive Alliance government to contest the presidential polls scheduled for next month.

The 76-year-old veteran Congress leader submitted his resignation to Prime Minister Manmohan Singh.

Mukherjee told the media in the national capital that he " stands ready to embark on a new journey" and thanked the Congress party and its chief Sonia Gandhi for nominating him as the party's candidate in the presidential polls slated for July 19.

The Congress leader, who had also held portfolios like Defence Ministry and External Affairs Ministry during his four decade long career, is to file his nomination papers for presidential polls on June 28, sources said.

For the time being, the Prime Minister will take charge of the Finance Ministry, the sources added.

The incumbent President Pratibha Patil's five-year tenure ends on July 25.