Finance

 


Discussion on Effects of Demonetisation on Political Financing & Black Money

Union Budget by the Hon’ble Finance Minister, Shri Arun Jaitley



13.01.2017 15:13:30 - “Discussion on Effects of Demonetisation on Political Financing & Black Money”

(live-PR.com) - January 13, 2017: New Delhi:

On the occasion of presentation of Union Budget by the Hon’ble Finance Minister, Shri Arun Jaitley ji on Wednesday 1st February 2017, PHD Chamber in its annual event. In order to get feed back we organizing Discussion on Effects of Demonetisation on Political Financing & Black Money.The all India general CPI (Combined) for December 2016

 

stands at 3.4% as compared to 3.6% in November 2016. The inflation rates for rural and urban areas for December 2016 are 3.83% and 2.90% respectively as compared to 4.13% and 3.13% respectively, for November 2016. Rate of inflation during December 2016 for sugar and confectionery stands at 21.06%, egg at 6.41%, Pan, Tobacco at 6.39% and spices at 6.06%, etc.

Growth in industry output, as measured in terms of IIP, for the month of November 2016 stands at 5.7% as compared to (-)1.9% in October 2016. The growth in the three sectors mining, manufacturing and electricity in November 2016 stands at 3.9%, 5.5% and 8.9% respectively over November 2015. The cumulative growth for the period April-November 2016 in these three sectors over the corresponding period stands at 0.3%, (-)0.3% and 5%, respectively. Basic goods growth stands at 4.7%, Capital goods growth stands at 15%, and Intermediate goods growth stands at 2.7% during November 2016 compared to same period previous year.
Eminent experts in the area of Economy, Finance and Taxation shall be deliberating on the budget announcements. The session will provide valuable insights into the budget proposals.

It gives us immense pleasure to invite you for the “Discussion on Effects of Demonetisation on Political Financing & Black Money” being organised by Association for Democratic Reforms, on 24th January, 2017, Tuesday, at 10:30 AM at Lecture Room No. 1, India International Centre Annexe Building, New Delhi.

The discussion will be followed by a Press Conference to release a report on ‘Sources of Income of National and Regional Parties: FY 2004-05 to 2015-16 (12 years) between 3:00 PM and 4:00 PM at the same venue.

Since the November 8, 2016 announcement by the Prime Minister regarding demonetisation of Rs 500 and Rs 1000 notes to eliminate Black Money, it has been a hotly debated issue. However, the Ministry of Finance issued a clarification stating that as the political parties are exempt under section 13A of the Income Tax Act 1962, they can deposit unlimited amount of old currency notes in the denomination of Rs. 500 and Rs. 1000 between Nov 8 and Dec 30, 2016. This brought the issue of Political Party funding into sharp focus of the Media and Public. Questions were raised on the blanket sanctions given to Political Parties to deposit unlimited amount of demonetised currencies in banks. The opaqueness of Political Party finances, wherein 70-75% of the income of political parties is from Unknown Sources is also fueling doubts in public’s mind. Thus, to curb the use of Black Money, it is imperative to scrutinize and monitor the finances of political parties.

With this as the backdrop, we are holding the consultation to discuss effects of Government’s demonetization move on Political Party finances as well as how proliferation of Political Parties are related to the prevalence of Black Money in Indian politics and the urgent need for transparency in the funding of political parties.

Eminent members from media, research organisations and constitutional experts will be present to deliberate on the issues.

We look forward to your participation and inputs in making the Conference a success. We also request you to nominate a few members of the Center for Policy Research for active participation in the event.A line in confirmation will be highly appreciated.


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