Parliament approves Finance Bill 2017

Arun-jiParliament today 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.

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.

With regard to the taxation amendments proposed by the Rajya Sabha, 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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The Finance Minister, during the course of reply, also took a dig at the Congress, saying if they had a problem with the electoral bonds, they could continue to accept donations by cheque and see how many people donates to them.

The Rajya Sabha also approved an amendment that there should be a cap of 7.5 per cent of net profit of the last three financial years for donation to political parties. It also approved a provision to disclose the name of political parties to which contribution has been made by a company.

“I have an open invitation to all, please suggest to me a better system which will ensure clean money and transparency to the extent possible. I am yet to receive a single suggestion.

“I am only hearing adjectives like ‘it must be clean’, ‘it must be transparent’. Please give me ideal combination of the two. We are willing to consider it. I will wait for a specific suggestion,” he said.

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