CPI condemns removal of cap on corporate donations

Ludhiana, March 29

The proposed amendment to the money bill to remove the cap that bars companies from donating more than 7.5 per cent of their average net profit to a political party will lead to the generation of black money and increase corruption.

This was stated by Communist Party of India (CPI) functionaries Kartar Bowani, Dr Arun Mitra, DP Maur and Ramesh Rattan. They said the proposal will increase the intervention of corporate houses in the political structure.

“This is totally in contravention to the promises made by the Union Finance Minister during the budget speech that the government will bring transparency in money exchange,” said Kartar Bowani.

The CPI leaders said citizens donating more than Rs 2,000 to a political party were required to do so through a cheque with complete details, while the corporate had been given freedom of money laundering through this reform.

They demanded the amendment should be revoked immediately. —OC