Budget 2017: Max donation to political parties in cash to be Rs 2,000 per source
In a bid to bring about more transparency in political funding, Finance Minister Arun Jaitley, whgile presenting the Union Budget, said that the maximum cash donation will be Rs 2,000 from any one source. Jaitley said this move would bring about major transparency in the system.
Under the earlier norm, the maximum political funding from one source was at Rs 20,000. In case the donation is above Rs 2,000 it has to be done through cheques or a digital transaction, Jaitley added.
The minister said that a donor can purchase bonds from authorised banks redeemable by the designated account of the political party. Jaitley said that these measures were being proposed to ensure more transparency in political funding.
He began this announcement by referring to chair and said, "Respected madam now this is something that concerns all of us." The minister said that this would go a long way in ensuring that a 70 year old system changed.