 statement of objects and reasonsthere is rampant corruption in public life throughout the country corruption has become a major problem in public life, it is evident that influential persons in high positions have amassed huge assets disproportionate to the known sources of their income they are spending money openly more than that of their legitimate incomes this is a corrupt practice which has brought disgrace to the esteemed institutions of the nation transparency is the only major solution to end corruption therefore, annual disclosure of assets/property owned or possessed by the minister, members of parliament, civil servants and businessmen and their dependants is imperative in order to restore public faith in the political system it will help in curbing the corruption which is plaguing public life and put a check on the growing tendency of acquiring easy wealth/property among general public through corrupt practices hence the bill new delhi; raghuvansh prasad singh march 2, 2000  financial memorandumclause 4 of the bill provides that the central government shall establish a commission for prevention of corruption at the centre, consisting of a retired judge of the supreme court and other members to examine assets held by ministers, elected representatives, civil servants and businessmen within the country/abroad necessary provision for state commission has also been made clause 7 provides that respective government shall provide sufficient number of staff to the commission for conducting its business effectively the bill, therefore, if enacted, will involve expenditure from the consolidated fund of india it is estimated that a recurring expenditure of about rupees fifty lakh is likely to be involved per annum from the consolidated fund of india a non-recurring expenditure of about rupees one crore is also likely to be involved memorandum regarding delegated legislationclause 12 of the bill empowers the central government to frame the rules for carrying out the purposes of the bill as the rules to be framed will relate to matters of detail only, the delegation of legislative power is of a normal character