New CII chief to promote political donations by cheque | business | Hindustan Times
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New CII chief to promote political donations by cheque

business Updated: Apr 01, 2009 12:08 IST
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As campaigning picks up for the Lok Sabha elections, the newly elected President of industry body CII, Venu Srinivasan, has said he will promote a transparent way of donations to political parties by business houses.

“Companies should do it (election funding) transparently. If it becomes transparent it is good for the polity, good for society,” Srinivasan told PTI.

He said the Confederation of Indian Industry (CII) has been promoting the idea of transparency in political donations. In any case, he said, it has become difficult for business houses to deal only in cash.

“Companies have shifted from cash payments to cheques the cash (transactions) have been reduced in the economy considerably since liberalisation it has become difficult to deal with cash,” he said.

The Government monitoring through different taxes like Banking Cash Transaction Tax is also a deterrent to the cash economy, Srinivasan, who is also Chairman of Chennai based TVS Motor Company Ltd, said.

The CII chief said the chamber would like its members to ensure that the money given away to political parties is properly accounted for in their books.