Thursday, August 14, 2014

Central govt employees will have to declare family assets

All central government employees will now have to declare their immovable/movable assets and liabilities as well as those of their spouses and dependents by July 31 every year.
The Public Servants (Furnishing of Information and Annual Return of Assets and Liabilities and the Limited for Exemption of Assets in Filing Returns) Rules, 2014 make it mandatory for central government employees to file a statement listing their and their spouse/dependents’ cash in hand; bank deposits; investments in bonds, debentures, shares and units in companies and mutual funds; long-term savings; insurance policies; provident fund; loans and advances; cars/aircraft/yacht/ships; and jewellery.
The declaration must record value of these items as on March 31 and filed with the competent authority by July 31 of that year.