#Rantofthehour:
There has been a lot of discussion going on in regards to the latest Finance Bill since it was passed without any discussion. I took the time out of my studies to get into the roots of this case.
This is what I learnt:
Basically FCRA or the Foreign Contribution Regulation Act was enacted with the purpose of prohibiting Foreign Contributions into the elections of India (be it by way of contributions received by candidates of the elections or news reporters or news channels or Government officials or MLAs or Political Party's Office Bearers or Associations of Political agenda.)
What is Foreign Contribution?
The term Foreign Contribution means literally donation or "delivery" by any foreign source.
Now, what is Foreign Source?
Foreign Source includes, as per Section 2(j)(vi) of FCRA, the following:
"An Indian company wherein more than 50% of its capital is held by
either Government of Foreign Country or Citizens of Foreign Country or Corporation or Trusts or Society or other association of individuals of Foreign Country or a Foreign Company or any combination thereof."
Before the amendment that took place today in the Parliament, this section defining Foreign Sources had an exception or a "proviso" stating that:
in case the Indian company mentioned above complies with the limits set by FEMA Act regarding foreign investments, then such Indian Company event though being controlled by essentially "firangis" will NOT be considered as a Foreign Contribution with retrospective effect from 26th September 2010.
Coming to the #Rantofthehour:
The above mentioned "proviso" to the definition of Foreign Sources has been amended in today's Finance Bill 2018 to be with retrospective effect since 5th August 1976.
The effect of the above amendment is that it shall quash Delhi High Court's Judgement of 2014 regarding Political Parties who've received such contributions in violation of FCRA. So, is no one entitled to ever know about the great political fundings?
Now, you'll say what if these recipients receive contributions directly or indirectly from foreign sources? The basic motive of FCRA is to curb any kind of foreign. To prohibit such donations for the keeping intact the credibility of democracy. Don't you think that if more and more fundings come from "firangis", our democratic existence might be threatened?
And let me remind you again, the bill had been passed without any discussion whatsoever! No political party has intervened during this amendment.
With the elections nearing, what more shall be "amended"?
Who's to blame and who's to suffer?..
P. S. Also I hate the fact that the Bare Laws are so intertwined with each other that by the time one reads a section, he might lose interest in the subject.
Perhaps that's the reason we are so oblivious and happy in our little worlds
Let's stop the ignorance and participate in these discussions!
Tell me your opinions in the comments
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Thanks for stopping by!
