Guwahati/ 11th August’2017 (Prag News Desk): Union Minister for Finance, Defence and Corporate Affairs Arun Jaitley blamed the Election Commission for failing to check the use of ‘invisible money’ in elections.
“ Political parties for preferring the status quo instead of suggesting improvements to the electoral bonds scheme proposed in the Budget. The government was already seeing the first signs of improvement in direct and indirect tax compliance due to reforms such as demonetisation and the Goods and Services Tax, both of which will make it difficult to generate cash in the future.”
The government, he said, had been consciously striving to fix what he called the “Indian normal” of having high tax evasion and a huge number of transactions undertaken outside the system. “There was almost helplessness in trying to deal with this situation,” Mr Jaitley said, adding that successive Budgets only made marginal changes with no lasting impact.
“Therefore, steps had to be taken to make a significant impact. If we look at the totality of the various steps we have taken rather than look at them in an isolated manner, each one of them are decisions which will not only have a great long term impact but also has a substantial ethical rationale behind it,” the Finance Minister asserted.
“Indian businesses for functioning under the belief that banks don’t have to be repaid, revealing that one firm had even claimed in court that the right to not repay banks is part of the Right to Equality.” Mr. Jaitley hinted that the EC and political parties have a problem with the government’s proposal of funding through electoral bonds.