Prime Minister Manmohan Singh is believed to have asked his Cabinet colleagues to disclose details about their assets and liabilities and refrain from dealing with the government in a commercial manner.
In a code of conduct for ministers of both the Centre and the state governments, it has been emphasised that details of their 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 in before their appointment as ministers.
Although the code has no legal backing, all ministers are expected to scrupulously adhere to the code.
The authority for ensuring the observance of the code is the PM in the case of Union ministers and the PM and 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. Whenever you give statement of assets and liabilities annually, the statement has to be given to the PM and to the Speaker," Mukherjee said.
