The Central Government has notified fresh rules for the public servants to furnish information and annual return containing declaration of assets and liabilities. Under the Public Servants (Furnishing of Information and Annual Return of Assets and Liabilities and the Limits for Exemption of Assets in Filing Returns) Rules, 2014 every public servant shall made a declaration of his/her assets and liabilities in the specified formats as on the 31st day of March every year to the competent authority on or before of 31st day of July of that year.
Making an exception for the current year the notification stipulates that public servants who have filed declarations, information and annual return of property under the prevailing rules shall file the revised declaration, information or annual returns as on August 1, 2014 on or before September 15, 2014. However, employees may be exempted by the competent authority for reasons recorded in writing from declaring assets if its value does not exceed 4 months basic pay or rupees two lakhs, whichever is higher.
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