The never ending queues at ATMs and banks affected the commoners so bad that even today people tend to keep extra cash just to avoid any unforeseen conditions. But the motivation derived for cleansing the economy of black money made them bear all of it. Telepathy worked well between the Prime Minister and general masses, ‘mann ki baat’ was perceived as ‘janhit ki baat’ .
Things were going well but then all of a sudden the cap on corporate funding for political parties was removed. Earlier companies could donate a maximum of 7.5% of the average net profits they made during three immediately preceding financial years. But now after the amendment of Company Act 2013, companies can make limitless contribution to the political fund. To make it more simple they even need not tell the beneficiary party’s name. That’s just like icing on the cake for all of them.
Now, this move proves the hypocrisy of the system. Just a ray of hope and people supported the move of demonetization without any complaints. Now instead of reciprocating and setting an example, politicians are ready to ease out their life. As evident corporate funding is the main game changer in election campaigns. Businessmen with heavy donations tend to have a huge impact on the specific political party. This leads to corruption, favouritism and crony capitalism. Election Commission had earlier noticed setting of fake companies to flush the black money as donations. As the check is removed now, the troubles of Election Commission has increased significantly.
The remedy/reason suggested by the government for this move was to facilitate digital transactions. As now donations above 2000Rs were to be made in cheque or digitally. Earlier that limit was 20000Rs. Earlier the system was cheated by making multiple donations of 19999 Rs or less. The same loophole could be utilised here even. Multiple donations of 1999, as there is no limit to the number of person who can make such deposits. Further, digitisation could have been promoted more efficiently if each and every penny was to be digitally donated plus the cap still in the place.
Amidst all the speculations of the government’s inclination toward capitalists, this move tends to raise the eyebrow of many. Whereas despite huge demand, RTI for political parties still remains a distant dream.