Finance bill 2017

On Saturday 1st April our honourable President Pranab Mukherjee gave his assent to the money bill. It was done before he left for the official visit of Assam. Earlier it took more time because it was introduced on February last. Our finance minister Arun Jaitley abolished this ancient practice and introduced it on 1st February. All the legitimate work was completed till 30th March and it got assent on 1st April.

There are several features of the finance bill 2017

  1. Another blow to the income tax defaulters, government gives more power to the Income Tax Department and introduces strict laws for the defaulters.
  2. Entails anonymous and unlimited corporate funding for political parties.
  3. The identification of the donors will not be disclosed.
  4. Representation of people’s act amended.
  5. Tribunals are ordered to merge, some of them will be abolished and their task will be given to another tribunals.
  6. Earlier the tribunals were Quasi judicial bodies, but government will now influence the appointment qualification and removal of which means government now has arbitrary power over tribunals.
  7. Aadhar Card made mandatory for getting a pan card and for filling IT returns.
  8. The cash transaction limit is reduced to 2 lakh from the earlier 3 lakhs.

Our country witnessed the power of absolute majority in the Lok Sabha when 5 suggestions were given for the amendment of the finance bill by Rajya Sabha were rejected. Two of them were introduced by Digvijay Singh and the other three were stated by Sitaram yechury of CPI. The most discussed when was the lack of transparency to detect the funding of political parties. Sitaram yechury passed a bill where the corporate had to disclose the name of the political party which he had funded. But Arun Jaitley discarded it by saying that the other political parties may also approach the corporate and will start pressurizing them. He also asked the opposition parties for ways of making political funding mode transparent. The bill also received several criticisms from other members of parliament. Hyderabad MP Assuddin Owaisi urged the government to reconsider its decision. Several other criticized at saying it is trying to create inspector Raj.P Chidambaram called it an assault on Indian Constitution.