Lokpal Act: Babus will have to declare all assets and liabilities under new norms

The central government has notified rules under the Lokpal Act making it mandatory for all its employees to file declarations of their assets and liabilities and those of their spouses and dependent children.

hidden July 21, 2014 16:50:04 IST
Lokpal Act: Babus will have to declare all assets and liabilities under new norms

NEW DELHI: The central government has notified rules under the Lokpal Act making it mandatory for all its employees to file declarations of their assets and liabilities and those of their spouses and dependent children.

It has issued new forms for filing these returns which have fields to give details on cash in hand, bank deposits, investment in bonds, debentures, shares and units in companies or mutual funds, insurance policies, provident fund, personal loans and advance given to a person or any entity, among others.

The employees need to declare motor vehicles, aircraft, yachts or ships, gold and silver jewellery and bullion possessed by them, their spouses and dependent children, according to the form.

Lokpal Act Babus will have to declare all assets and liabilities under new norms

Reuters

They need to give detail of their immovable properties and statement of debts and other liabilities on first appointment or as on March 31 of every financial year.

There are about 50 lakh central government employees, including IAS, IFS and IPS, among others.

The rules, Public Servants (Furnishing of Information and Annual Return of Assets and Liabilities and the Limits for Exemption of Assets in Filing Returns) Rules, 2014-- were notified by the Department of Personnel and Training (DoPT) last week.

As per the rules, notified under Lokpal and Lokayuktas Act, every public servant shall file declaration, information and annual returns of his assets and liabilities as on March 31 every year on or before July 31 of that year.

These declarations are in addition to such returns being filed by the government employees under various services rules.

However, the competent authority may exempt a public servant from filing the information in respect of any asset if its value does not exceed his or her four months basic pay or Rs two lakh, whichever is higher, the rules said.

The employees, who have already filed their declarations, information and annual returns of property, shall file revised declarations as on August 1, 2014, to the competent authority on or before September 15, this year.

According to the Lokpal and Lokayuktas Act, a public servant shall furnish to the competent authority the information relating to the assets of which he, his spouse and his dependent children, jointly or severally, own.

He is also mandated to declare his liabilities and that of his spouse and his dependent children, as per the Act.

The government is in process of modifying certain rules, including those related to search committee's working, under the Lokpal Act.

The Lokpal and Lokayuktas Act provides for the establishment of a Lokpal for the Union and Lokayuktas for the states to inquire into corruption charges against public functionaries.

President Pranab Mukherjee had given his assent to Lokpal Act on January 1, this year.

The previous government could not go ahead with the much-touted appointment of the Lokpal due to objections raised by BJP about the selection procedure of the anti-corruption body.

As per existing rules, an eight-member search committee will draw up a panel for consideration by the selection committee led by the Prime Minister for appointment of chairperson and members of the Lokpal.

PTI

Updated Date:

also read

Lackluster demand for ETFs in India has not stopped managers from launching fresh funds
Business

Lackluster demand for ETFs in India has not stopped managers from launching fresh funds

Since ETFs passively track their underlying indices, they come with lower expenses as compared to their active fund peers

EPFO likely to appoint HSBC AMC, UTI AMC, SBI Mutual Fund as fund mangers for three-year term
Business

EPFO likely to appoint HSBC AMC, UTI AMC, SBI Mutual Fund as fund mangers for three-year term

Retirement fund manager EPFO is likely to appoint next week at its trustees' meet asset management firms HSBC AMC, UTI AMC and SBI Mutual Fund as its fund managers for a three-year term

MF assets in income category doubles to Rs 33,563 cr in Oct-Dec
Investing

MF assets in income category doubles to Rs 33,563 cr in Oct-Dec

The value of assets managed by mutual funds in the income category more than doubled to Rs 33,563 crore in the December quarter on increased inflows from wealthy individuals and hopes of interest rate cuts