After GST rollout, cleaning up political funding next big reform: Jaitley

Jaitley termed the passage of the GST resolution by the J&K Assembly a victory for consumers

After rolling out goods and services tax, the government will take up "cleansing" of political funding as its top priority, Finance Minister Arun Jaitley said on Wednesday.

"In the immediate future, after GST process is complete ...We are looking forward for some major steps to be announced by which we want to cleanse the whole process of political funding," the minister said.

Noting that the current system of political funding, which has prevailed for over 70 years, does not bring any credit to the world's largest democracy, he said Prime Minister Narendra Modi has been insisting on this reform and it will be taken as a "top priority" as there is "strong public support" for it.

In the Budget, Jaitley had announced electoral bonds as a form of making donations to political parties instead of cash. A media report yesterday said government was through with the drafting of the rules in this regard and would begin consultations soon.

The outgoing Chief Election Commissioner Nasim Zaidi had, however, raised concern over the move, saying such bonds would have a negative impact on efforts to bring about transparency in political funding.

Meanwhile, Jaitley termed the passage of the GST resolution by the J&K Assembly a victory for consumers despite opposition from separatists elements. | read more...