The CPI-M on Thursday accused the Modi government of creating "new avenues for large-scale money laundering" while claiming to be fighting corruption in public life."The Modi government has indulged in the height of duplicity to hoodwink the people of this country with its loud pronouncements to cleanse corruption, particularly in the electoral process," the CPI-M said.It said this was clear from the amendment slipped into the provisions of the Finance Bill 2017 where the "limit of 7.5 per cent of net profit of the last three financial years" and "the requirements of a company to disclose the name of the political parties to which a contribution has been made" has been deleted.
The Companies Act as amended now allows corporates to pay political parties an unlimited amount through the Election Bonds Scheme without disclosing the beneficiaries name, the Communist Party of India-Marxist pointed out.The CPI-M said it had consistently demanded the banning of corporate funding to political parties as this constituted the fountainhead for corruption at high places. "This Modi government has not only widened the process of corporate funding to political parties but has also created new avenues for large-scale money laundering."The CPI-M urged all political parties, social movements and individuals to unitedly oppose "these moves which allow new obnoxious levels of political corruption".