The Parliament yesterday approved the Finance Bill 2017 after the Lok Sabha rejected five amendments moved to it by the Upper House with regard to curbing more powers to taxmen and a cap on donation by companies to political parties
Finance Minister Arun Jaitley said the amendments cannot be accepted by the government. Pic/PTI
New Delhi: The Parliament yesterday approved the Finance Bill 2017 after the Lok Sabha rejected five amendments moved to it by the Upper House with regard to curbing more powers to taxmen and a cap on donation by companies to political parties.
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Winding up the debate on amendments passed by the Rajya Sabha, Finance Minister Arun Jaitley said they cannot be accepted by the government, but invited suggestions from political parties, including the Congress and the BJD, to make electoral funding more clean and transparent.
The Lok Sabha later rejected the Rajya Sabha amendments by a voice vote, thus passing the Finance Bill 2017 and completing the budgetary exercise for 2017-18. Jaitley said most of the donations that come to political parties now are from unclean money and there was complete non-transparency. Defending the budget proposal, he said it is not possible for the Government to accept the amendment as it would limit the number of donors to political parties.
"The harsh reality is we continue to do politics on the basis of undeclared money, because if we do it on the basis of declared money... somebody will write an editorial and will have a problem with every solution we offer," Jaitley said. "Today we have given the option of receiving donations by cheque - there is total transparency, it is clean money. Small donations by cash less than Rs 2,000. You can receive donations online too. And do it by bonds which is clean money," he said.
With regard to the taxation amendments, he said the current position will continue and the government as a matter of "abundant caution" and to protect whistle-blowers, the bill has specified that the "satisfaction note" will not be given to the target of investigation.
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