#ElectoralBonds bring unlimited (global) corporate funding. Only the govt will know the identity of the donors.
#EndToElectoralTransparency
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.
#OpaqueState
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 -
#NoCaps
#ForeignFunding *T&C
Shell Companies - #KaalaDhan
#NoTransparency
#DonorHarrassment by the state - targeted IT raids
Welcome to Electoral Bonds.

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