Section 10 in The Jammu and Kashmir Fiscal Responsibility and Budget Management Act, 2006
10. Measures for Fiscal transparency.
(1)The Government shall take suitable measures to ensure greater transparency in its fiscal operations in the public interest and minimize as far as practicable, secrecy in the preparation of the budget.(2)In particular and without prejudice to the generality of the foregoing provisions, the Government shall, at the time of presentation of the budget, make disclosures on the following, alongwith detailed information in such forms as may be prescribed :-(a)the significant changes in the accounting standards, policies and practices affecting or likely to affect the computation of fiscal indicators;(b)details of borrowings by way of Ways and Means Advances/ Overdraft availed of from the Reserve Bank of India.(3)Whenever the Government undertakes to unconditionally and substantially repay the principal amount and/or pay the interest of any separate legal entity, it has to reflect such liability as the borrowings of the State.
