(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.
(2) In particular, and without prejudice to the generality of the foregoing provisions, the Stale 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
(b) as far as practicable, and consistent with protection of 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 liabilities for repayment is on the State Government ; all claims and commitments made by the State Government having potential budgetary implications, including revenue demands raised but not realised; tax expenditure; losses incurred in providing public goods and services through public utilities and undertakings; liability in respect of major works and contracts; and subsidy payments and the impact of the same on the fiscal position of the State including in relation to the targets referred to in sub-section (3) of section-4.
Measures to ensure compliance