Estimated 7th Pay Commission pay scales as on 01.01.2016-Gconnect.in

All central government employees have been asked to mandatorily file details of their assets and liabilities, including those of their spouse and dependent children, for past two years by April 15, as required under the Lokpal Act.

The declarations under the Lokpal law are in addition to similar ones filed by the employees under various services rules.

An employee has to give details of deposits in foreign bank accounts, expensive paintings, antiques, furnitures, electronic equipments, movable assets, insurance, bonds, shares and mutual funds, among others, in the declaration.

The Department of Personnel and Training (DoPT) has recently written to secretaries of all central government ministries to ensure that the employees working under them declare details of their assets.

"The declarations and returns for the years 2014 and 2015 are required to be filed by all public servants by April 15, 2016 mandatorily," the DoPT said in a communique.

For 2016, they have to file another return of their assets by July 31, this year, it said.

There are about 50 lakh central government employees.

An investment above Rs 2 lakh has to be reported individually. Investments below Rs 2 lakh may be reported together. "Details of deposits in foreign bank(s)(have) to be given separately," the DoPT said.

Employees have to give details like cash in hand, bank deposits, investment in bonds, debentures, shares and units in companies or mutual funds, insurance policies, provident fund, personal loans and advance given to any person or entity, among others.

They also have to declare expensive furniture, fixtures, antiques, paintings and electronic equipment also if the total current value of any particular asset in any particular category (e.g. Furniture, fixtures, electronic equipments) exceeds two months' basic pay or Rs one lakh), it said.

The DoPT has already made it clear that there will be no extension in the last date of filing the returns.

Source:http://wap.business-standard.com/article/current-affairs/govt-employees-asked-to-declare-assets-under-lokpal-act-by-april-15-116040400366_1.html