After Prime Minister Manmohan Singh asked his ministers to declare their assets, Human Resource Development Minister Kapil Sibal on Thursday backed it, calling it a right step.
"It's absolutely correct and it should happen. All ministers should declare their assets, it is a good step," Sibal told reporters in New Delhi.
Cabinet Secretary KM Chandrasekhar, on behalf of the prime minister, wrote to union ministers earlier this month reminding them of the mandatory annual disclosure of assets and liabilities in accordance with the code of conduct for ministers.
"I am ready to disclose my assets, it was always known anyway," Sibal said.
The ministers have been asked to furnish the details by Aug 3.
The code mandates the disclosure of assets, liabilities and business interests of the ministers and their family members that would include immovable property, value of shares and debentures, cash holdings and jewellery, for the financial year for which an income tax return has already been filed.