Measures for fiscal transparency. 4

(1) The State Government shall take suitable measures to ensure greater transparency in its fiscal operations in the public interest and minimize, as far as practicable, secrecy in the preparation of the budget and the demands for grants: Provided that the State Government shall have the power to reserve any such information, which would adversely affect the interest of the State Ex-chequer. (2) In particular, and without prejudice to the generality of the foregoing provisions, the State Government shall, at the time of presentation of the budget, disclose in a statement in the form 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) the contingent liabilities created by way of guarantees, actual liabilities arising out of borrowings by Public Sector Undertakings and Special Purpose Vehicles and other equivalent instruments where liabilities for repayment is on the State Government having regard to the potential budgetary implications, off-budget borrowings, if any, and the committed liability in respect of major works and supply contracts; (iii) revenue demands raised but not realized; and (iv) the estimated yearly pension liabilities worked out on actual basis, for the next ten year, within such period as the State Government may, by order, specify.