Declare All Assets AND Money Held In Foreign Banks

"Government employees have to disclose deposits in foreign banks under Lokpal Act"-The Hindu

Amending the rules for voluntary disclosure of assets and liabilities by government employees under the Lokpal and Lokayuktas Act, the Department of Personnel and Training (DoPT) has effected some changes in the form, making it mandatory for them to disclose deposits in foreign banks. The deadline has been extended by four months from December 31.

“Details of deposits in the foreign bank (s) to be given separately,” states the DoPT order, adding that government employees have to file statements of movable property separately for self, spouse and dependent child. While investments above Rs.2 lakh have to be reported individually, amounts below that can be reported together.

 

Apart from cash and bank balance, government servants would now be required to also reveal details of other movable assets including furniture, fixtures, antiques, paintings and electronic equipment. However, this only if the total current value of any particular asset in any particular category exceeds two months' basic pay or Rs. 1 lakh.

 

Another order amending the previous Lokpal and Lokayuktas (Removal of Difficulties) Order, 2014, gives six months more to the government to make further amendments to the rules formulated thereunder.

 

While the government intends to make all the declarations public, many government officials have expressed concern that the information on their assets could be misused. The latest order does not have any provision ensuring secrecy of the disclosures made.

However, they are no more required to give out names of banks/non-banking institutions. While earlier they had been asked to also provide details on whether they owned aircraft, yacht or ships, the employees are now required to give particulars of only motor vehicles.

 

According to the rules, government employees from Group A, B and C service are required to declare assets and liabilities for the previous fiscal by the following July 31.

The last date for filing the disclosures this year was September 15, which was first extended to September 15 and then to December 31, which has again been advanced to April 30, 2015.