Amendment status not verified — confirm the current text below against the official source.
Measures for fiscal transparency.- (1) The State Government shall take suitable measures to ensure greater transparency in its fiscal operations in public interest and minimize as far as practicable, secrecy in the preparation of the annual budget: Provided that the State Government shall have the power to withhold any such information, which would adversely affect the interest of the State Exchequer. (2) In particular and without prejudice to the generality of the foregoing provisions, the State Government shall, at the time of presentation of the annual budget, disclose in a statement in the form, as may be prescribed,- (a) the significant changes in the accounting standards, policies and practices affecting or likely to affect the computation of prescribed fiscal indicators; and (b) as far as practical and consistent with public interest, the contingent liabilities created by way of guarantees, the actual liabilities arising out of borrowings by Public Sector Undertakings and Special Purpose Vehicles and other equivalent instruments where liability for repayment is on the State Government, all claims and commitments made by the State Government having potential budgetary implications;