During the recess, the Departmentally Related Standing Committees of Parliament examine the Demand for Grants submitted by various Ministries.  The Demand for Grants are detailed explanations of that Ministry's annual budget which form part of the total budget of the government.  These are examined in detail, and the committees can approve of the demands, or suggest changes.  The Demand for Grants are finally discussed and voted on by the Parliament after the recess.  (The post below lists the ministries whose Demand for Grants will be discussed in detail after the recess). The issue is - how effective is the institution of Parliament in examining the budget?  Though India specific information on this subject is hard to find, K. Barraclough and B. Dorotinsky have cited the World Bank - OECD Budget procedures Database to formulate a table on the legislature approving the budget presented by the executive ("The Role of the Legislature in the Budget Process: A Comparative Review", Legislative Oversight and Budgeting).  I reproduce the table below:

In Practice, does the legislature generally approve the budget as presented by the Executive? (in percent)
Answer All Countries OECD Countries Presidential democracies Parliamentary democracies
It generally approves the budget with no changes 34 33 14 41
Minor changes are made (affecting less than 3% of total spending) 63 67 71 59
Major changes are made (affecting more than 3% but less than 20% of total spending) 2 0 7 0
The budget approved is significantly different (affecting more than 20% of total spending) 0 0 0 0
Sources:  K. Barraclough and B. Dorotinsky; PRS.

The following is a comparison of the rules regarding the transparency of MPs' private interests in India and South Africa. In India, conflict of interest amongst MPs has been debated extensively in the recent past. The primary check on preventing potential conflicts is that all MPs must declare their assets and liabilities to the concerned Speaker (Lok Sabha) or Chairman (Rajya Sabha). The Rajya Sabha Ethics Committee maintains a register of these interests (no such register exists for Lok Sabha MPs).  Details in the Register of Members' Interests include: remunerative directorship, regular remunerated activity, shareholding of controlling nature, paid consultancy, and professional engagement. This material, however, is not put in the public domain. An interesting comparison is the Parliament of South Africa, where the Register of Members Interests' (consisting of  MPs from both upper and lower house) is made public. Financial interests of MPs, remuneration from employment outside of Parliament, directorships, consultancies, property details, pensions, etc., are all made public (see latest register here).