(1) The State Government snail take measures to ensure greater transparency in its fiscal operations in public interest.
(2) The State Government shall take measures to simplify the format of the Annual Financial Statement.
(3) 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 key fiscal indicators including those mentioned in Section 4 (3);
(b) the significant changes in the accounting standards, policies and practices likely to affect the computation of the fiscal indicators;
(c) as far as practicable and consistent with public interest, the contingent liabilities of State Government created by way of guarantee, actual liabilities arising out of borrowings giving the outstanding amounts of principal, interest and also the outstanding liabilities in respect o f works and supplies under each Department.
(4) The State Government shall codify at one place the existing rules and procedures for issue of administrative approval, financial sanction, procurement of goods and services, award of work and contract in government transactions and, if necessary, bring about such amendments therein, to ensure greater transparency in such transactions.