Karnataka govt staff must quote value of assets

The Karnataka government is all set to make it mandatory for public servants to declare the current guidance value of their properties in annual statement of assets and liabilities filed before the Karnataka Lokayukta. A proposal to this effect was on Tuesday cleared by the cabinet and an amendment to Form-IV prescribed under Rule 7 of the Karnataka Lokayukta Rules, 1985, will be shortly notified, sources said. Law minister TB Jayachandra said: “Currently, the public servants are supposed to declare the cost and date of acquisition of the immovable properties. The probability of public servants downplaying their worth was high as the value of the properties would have changed over a period of time. In this backdrop, the cabinet took a decision to make it mandatory for public servants to mention the guidance value of their immovable properties.” The minister said this rule will be applicable to properties owned by a public servant’s dependents — spouse, children and parents. The public servant has to give details about cash, bank accounts and deposits, investments in shares, debentures, national savings, insurance policies, jewellery and vehicles. They also have to declare antiquities worth more than Rs 10,000 and all household articles worth over Rs 25,000.