The statement late Friday came as India's currency slumped to a new record low against the dollar with investor risk-aversion amplifying pressure on the rupee, already hit by worries about a slowing domestic economy.

"The government is committed to carry on the process of fiscal consolidation vigorously," junior finance minister Namo Narain Meena told parliament in a written statement.

Finance Minister Pranab Mukherjee said earlier in the week he would introduce "austerity measures" to "convey a signal we are responding to the situation."

Along with the travel restrictions, the government also aims to ban purchases of new cars, except by the military, clamp down on holding conferences at five-star hotels and impose "strict discipline" on hiring consultants.

It should be noted that weeks ago, Prime Minister of Pakistan Yusuf Raza Gilani, was on an official trip to the United Kingdom.

A delegation of 90 people accompanied the PM, and all expenses were paid by the  tax payer's money. Recently, the PAC also issued directives to all government officials, disallowing the use of luxury and bullet proof cars for elected officials and limiting the maximum car engine capacity to 1800 cc, only.

Agencies.