Section 5 in Punjab Fiscal Responsibility and Budget Management Act, 2003
5. [ Measures for fiscal transparency. [Clause (c) and (d) added by Punjab Act No. 1 of 2006.]
(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 provision, 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 the prescribed fiscal indicators;(b)as far as practicable and consistent with the protection of public interest, the contingent liabilities created by way of guarantees, all claims and commitments made by the State Government, having potential budgetary implications, including revenue demands raised, but not realized and tax arrears, and liability incurred, but not paid.(c)the annual statement, indicating the prospects for the State's economy and related fiscal strategy; and(d)the special reports along with the budget, indicating the details of number of employees in Government, public sector and Government aided institutions and salaries of such employees.]
