Budget 2017: Political parties can receive No cash above Rs 2,000
New Delhi, Arun Jaitley: Modi government is doing what can be best to stop the menace of black money in the political party. The Union Finance minister today broke the backbone of the political funding by making a major change in the political funding. now onwards the political parties while getting the one above Rs 2000 will have to make only through cheque or digital mode.
Promoting Digital Economy, full text of the speech.
Political parties can receive donations in cheque, electronic mode, electoral bonds, which would be issued by Reserve Bank of India.''
The RBI will issue bearer bonds that a donor may buy through cheques and digital payments. He or she can then give the bond to a political party which must deposit it within a month in a pre-determined account.
This will bring greater reform in political funding while preventing future generation of black money.
Jaitley said that the Union Budget for 2017-18 will push growth, promote digital economy and bring transparency in political funding.
The thrust in Budget is stimulating growth, affordable housing, curbing black money, promoting digital economy, bringing transparency in political funding.
Terming demonetisation as "bold and decisive" measure, Finance Minister Arun Jaitley today said it will have a multiplier effect on the economy and will create bigger, cleaner and real GDP.