In a code of conduct for ministers of both Centre and the State governments, it has been emphasised that details of the assets should include particulars of all immovable properties and the value of shares and debentures, cash holdings and jewellery.
The ministers have also been advised to sever all connections, short of divesting themselves of the ownership, with the conduct and management of any business in which they were interested before their appointment as ministers.
Although the code has no legal backing, still it is expected of all ministers to scrupulously adhere to the code.
The authority for ensuring the observance of the code is the Prime Minister in the case of Union ministers and the Prime Minister and the Union Home Minister in the case of Chief Ministers. State ministers should report to the Chief Ministers.
Finance Minister Pranab Mukherjee and Urban Development Minister S Jaipal Reddy welcomed the decision. “It is a normal practice. That is whenever you give statement of assets and liabilities annually, the statement has to be given to the PM and to the Speaker,” Mukherjee said.
