Budget 2017 - 2018 - Transparency in Electoral Funding

TRANSPARENCY IN ELECTORAL FUNDING in Budget 2017 - 2018

• Need to cleanse the system of political funding in India
• Maximum  amount  of cash donation, a  political party  can receive, will  be 2000/- from one person.
• Political parties will be entitled to receive donations by cheque or digital mode from their donors.
• Amendment to the Reserve Bank of India Act to enable the issuance of electoral bonds in accordance with a scheme that the Government of India would frame in this regard.
• Every political party would have to file its return within the time prescribed in accordance with the provision of the Income-tax Act
• Existing exemption to the political parties from payment of income-tax would be available only subject to the fulfilment of these conditions