Dhann Ki Baat Profile picture
Oct 11, 2017 19 tweets 4 min read Twitter logo Read on Twitter
#ElectoralBonds bring unlimited (global) corporate funding. Only the govt will know the identity of the donors.
Above graphic source: The Print
#1 Companies Act amended - Ceiling on corporate donations removed. Earlier 7.5% of net profits, now possible to donate entire capital..!
#2 Companies Act again - Earlier last 3 year's average profit taken into account - implying needing a track record on ground. Not anymore.
Put #1 & #2 together:
Earlier- Rs. 100 gross profit, can give upto Rs. 5 (after tax)
Now- company can donate full capital of Rs. AnyAmount
Keep putting #1 & #2 together: This is like Jai Shah reporting loss on Rs. 80crore turnover. Despite loss, he can still donate Rs. 80 crore.
So: A fly by night company, only starting capital, no profitability record, can donate full capital to a political party. Smell shell?
This is a classic Shell Company setup. With Companies Act amended, incentive for shell companies to be setup for donations to pol parties!
#3 Companies Act again -
Earlier- Company declares parties it is funding to shareholders
Now- Not required, if donating via Electoral Bonds
#4 Income Tax Act amended
Earlier- Company tells shareholders which parties it funds
Now - Not required if funding via Electoral Bonds
#5 Representation of Peoples Act amended
Earlier: Parties declare their donors (donations above Rs. 20k)
Now: Via Bonds, NOPE (any amount)!
#6 FCRA Act amended in 2016 - changing definition of foreign companies from 2010(!?!) Allows foreign funding of political parties under T&C.
All amendments were part of Finance Act ('16 & '17). Rajya Sabha opposed Electoral Bonds. Lok Sabha streamrolled opposition. Money Bill no?.
#7 Only government will now know identity of donors. Including donors to opposition. Is #PoliticalExtortion getting institutionalized?
The public will no more know the identity of the companies that fund their political parties, and hence their ministers.
So the state is once more opaque to its people. And the people are fully transparent to the state. Sound familiar? #destroytheaadhaar
#8 Income Tax Act amended -
IT officials given greater powers to raid without prior higher level clearances.
Summarizing -
#ForeignFunding *T&C
Shell Companies - #KaalaDhan
#DonorHarrassment by the state - targeted IT raids
Welcome to Electoral Bonds.

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