Tuesday, October 28, 2014

Alleged #blackmoney account holder Radha Timblo and Pankaj Lodhia, funded both #BJP and #Congress

Radha Timblo, who has been named for allegedly stashing black money abroad, is the managing director of Timblo Enterprises and Timblo Private Limited (TPL), which operate under Satish Timblo Group of Companies. An analysis of the donations made by individuals and corporates to the National Parties between FY 2004-05 and 2011-12 shows that Timblo Pvt Ltd, whose Managing Director is Radha Timblo, had donated nine times to BJP amounting to a total of Rs 1.18 crores and thrice to INC, amounting to a total of Rs 65 lakhs in seven years.

Also, the BJP’s donations report for the FY 2011-12 lists the name of Chamanbhai Lodhiya from Rajkot who had donated a total of Rs 51 thousand to the party.

There are a total of 13 Electoral Trusts, only seven of which have been approved by the Central Bureau of Direct Taxes (CBDT) because they were formed after the CBDT rules governing Electoral Trusts were notified on the 31st January, 2013. The remaining six Electoral Trusts were already in existence before the CBDT rules for such Trusts were notified.

The seven Electoral Trusts formed after the CBDT rules came into effect are required to submit details of their donations to the ECI. The remaining six formed before the CBDT rules came into existence are not required to do so under the current dispensation. These six Electoral Trusts have donated more than Rs 105 crores to national parties between 2004-05 and 2011-12. Details of these donations are not known.
Since details of donors who made contributions to these six Electoral Trusts which were in existence before the CBDT rules are not known, it cannot be verified whether the funding of political parties through Electoral Trusts was not only a means of getting tax exemption but also a means to convert black money stashed in tax havens to white money in India.
Therefore details of donors of Rs 105 crores donated to political parties by the six Electoral Trusts which were formed before the CBDT rules came into existence, should also be disclosed. These Trusts include General Electoral Trust, Electoral Trust, Harmony Electoral Trust, Corporate Electoral Trust, Bharti Electoral Trust and Satya Electoral Trust.