Measures for Fiscal Transparency

Finance200512 sections

Statutory text

(1) The State Government shall take suitable measures to ensure greater transparency in its fiscal operations in the public interest and minimise, as far as practicable, secrecy in the preparation of the annual financial statement and demands for grants.
(2) In particular, and without prejudice to the generality of the foregoing provision, the State Government shall, at the time of presentation of the budget, make disclosures on the following, along with detailed information in such forms, as may be prescribed :
- (i) the significant changes in the accounting standards, policies and practices affecting or likely to affect the computation of fiscal indicators;
- (ii) details of borrowings by way of Ways and Means advances/overdrafts availed of from the Reserve Bank of India.
(3) Whenever the State Government undertakes to unconditionally and substantially repay the principal amount and/or pay the interest of any separate legal entity, it has to reflect such liability as the borrowing of the State in such form as may be prescribed.
(4) The State Government shall, in each financial year, lay before the State Legislature the special statements along with the budget giving in detail the number of employees in Government, public sector and aided institutions and related salaries.

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