Finance Bill 2017, Rejects Amendments Proposed By RS
March 30, 2017
Minister Arun Jaitley said the proposed amendments cannot be
accepted by the government.
Parliament on Thursday 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
Defending the budget proposal, he said it is not possible for
the Government to accept the amendment as it would limit the
number of donors to political parties.
"The harsh reality is we continue to do politics on the basis of
undeclared money, because if we do it on the basis of declared
money... Somebody will write an editorial and will have a
problem with every solution we offer," Jaitley said.
"Today we have given the option of receiving donations by cheque
-- there is total transparency, it is clean money. Small
donations by cash less than ₹2,000. You can receive donations
online too. And do it by bonds which is clean money," he said.
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.
Since 1961, he said there is no example that the target of
investigation was revealed the satisfaction note which forms the
basis of investigation with regard to tax evasion.
"It would be disastrous to do that," Jaitley said, adding such
information can only be given to the courts.
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 government had on Wednesday faced major embarrassment in the
Rajya Sabha as five amendments moved by the Congress and the
CPI(M) to the Finance Bill were adopted and approved by the
The amendments proposed to delete the provisions relating to the
powers given to taxmen like power to requisition books of
account, power to survey and more powers to more officers.
The Rajya Sabha also approved an amendment that there should be
a cap of 7.5% 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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