A day after Finance Minister Arun Jaitley tabled the Union Budget 2017 and announced political funding reforms, Revenue Secretary of the government of India, Hasmukh Adhia said, “Political parties have to file audited returns by December every year or risk losing tax exemptions. Donations to political parties via electoral bonds will be confidential, donor’s identity not to be disclosed. Finance Bill will amend Representation of People Act to keep identity of donors using electoral bonds confidential.”
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Political Funding reforms announced by FM Arun Jaitley included, ‘max amount political party can receive in cash donation will be Rs 2000 from any one source’, ‘political parties will be entitled to receive donations by cheque or digital mode’ and also announced a ‘new scheme under which donor could purchase bonds from authorised banks against cheque and digital payments only where they shall be redeemable only in the designated account of a registered political party. These bonds will be redeemable within the prescribed time limit from issuance of bond.