At this Juncture when Rs.500 & Rs.1,000 notes are demonetized and the common man is bearing the pain for the greater good of the country it is time when we, the population of India, start asking for accountability from our Political parties for their funding.

Just like the population is held accountable and required to produce an Identity proof even to convert Rs.500, political parties should also be accepting money similar ways where every penny is accountable for.

The declared funding for the 2014 lok sabha election was Rs.6,000-7,000 Crores while the actual spending are believed to be above Rs.30,000 crores

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The present system is such where the corporations fund the parties illegally. It is well known that companies executing big industrial projects take heavy loans from banks and part of this money goes to political parties as election funds. It is standard practice for companies taking loans from public sector banks to show inflated value of equipment imports from abroad and use this mechanism to create a corpus of cash in foreign tax havens. These funds come back to India from time to time to finance political parties.

Association for Democratic reforms (ADR) has suggested that 79.68% of the income of five national political parties has come from unknown sources, for the financial year 2013-14. The income from unknown sources pertains to income declared in income tax returns, but without giving the source of income for donations below Rs 20,000. Resulting into hundreds of thousands of donations just below Rs. 20,000 that stay partially unaccounted for.