Budget 2017-18: Govt sets political funding limit at Rs 2000 from one source to ensure transparency

New Delhi:

The government on Wednesday set the donation limit to political leaders at Rs 2000 from one source in order to ensure transparency in the political funding in India.

The government proposed that the maximum donation can only be Rs 2,000 and that too from one source.

While presenting the Union Budget 2017-18, Finance Minister Arun Jaitley also said that these donations can be made either through cheques or digital means only.

Also, the government has proposed an amendment to the Reserve Bank Act to allow issuance of electoral bonds. The political parties can redeem these bonds in registered accounts and within a specified time only.

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In a bid to curb black money menace, the government has also proposed that no transactions of more than 3 lakh will be allowed in cash.

Budget 2017-18: Income tax for Rs 2.5 lakh-Rs 5 lakh slab reduced to 5%; 10% surcharge for Rs 50 lakh-1 cr; 15% cess on income above Rs 1 crore to continue

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