The Election Commission of India (ECI), which has been constantly improving its functioning and winning kudos for ensuring peaceful conduct of polls, has now decided to direct all political parties to get their accounts audited and publish their financial sheets annually, on the lines of corporate houses.
This is one of the important recommendations made by the Institute of Chartered Accountants of India (ICAI) to the ECI. It says, “it is recommended that political parties must be mandated to get their accounts audited by a firm of Chartered Accountants, as appointed by the Election Commission of India. The auditors should be appointed by rotation every three years.”
Further the recommendation adds that the annual financial statements should be published in leading English newspapers as also in leading vernacular press in all the states. The same should be available to the general public within six months of the end of the financial year, on the party’s website, the recommendation adds.
The proposals also include the seeking PAN of contributors of money to parties.
This according to the ECI will go a long way in curbing the use of black money in election related activities. The ECI is expected to notify the changed guidelines to all concerned after deliberating on the recommendations made by ICAI. This includes the political parties, the Enforcement Directorate and the Income-Tax department.
Earlier the ECI had created an election expenditure monitoring cell to monitor the flow of money in poll-bound states that led to the seizure of huge quantities of cash.