The ministers have been directed to sever all connections, short of divesting themselves of ownership, with the conduct and management of any business in which they had interests before being appointed minister.
Hit by relentless attacks on allegations of corruption, former PM Manmohan Singh had asked his ministerial colleagues twice — in 2012 and 2013 — to declare their assets and business interests.
The Union home ministry issued the code of conduct for ministers after the BJP gave orders to renew it.
The code, which will be monitored by the PM, also asks ministers to uphold the political impartiality of civil services and not ask civil servants to act in any way that would result in a conflict with their duties and responsibilities.
A minister has to "ensure that his family members do not start or participate in business concerns engaged in supplying of goods or services to the government and there should be total prohibition on employment of spouse and dependents with a foreign mission".
Ministers are supposed to disclose all particulars of their immovable properties, total approximate value of shares and debentures, cash holdings and jewellery owned by themselves and family members.