Parties now have to explain rationale of promises of freebies

February 23, 2014

Parties_freebiesNew Delhi, Feb 23: Political parties can no longer make tall promises on freebies in their election manifestos as they will now have to explain the rationale of their pledges and ways and means of meeting the financial requirements.

This follows an Election Commission move to create a level-playing field before elections following directions from the Supreme Court.

In fresh guidelines to political parties on poll manifestos, the Election Commission has asked them not to make such promises that disturb the level-playing field and vitiate the atmosphere or exert undue influence on voters.

"Trust of voters should be sought only on those promises which are possible to be fulfilled," the Commission said.

The Supreme Court had noted in its July 5, 2013 verdict that though promises in election manifesto cannot be construed as a corrupt practice as per law, the distribution of freebies of any kind "influences" all people.

"It shakes the root of free and fair elections to a large degree," the SC held, asking the poll body to ensure level playing field between contesting parties and candidates in elections and see that purity of election process does not get vitiated.

While issuing the guidelines after incorporating views of political parties during their meeting with them on February 7, the poll body included them in the Model Code of Conduct.

The poll body said the manifesto shall not contain anything repugnant to the ideals and principles enshrined in the Constitution and that it shall be consistent with the letter and spirit of other provisions of the Model Code.

EC said Directive Principles of state policy enshrined in Constitution enjoin upon the state to frame various welfare measures for citizens and therefore there can be no objection to the promise of such welfare measures in manifestos.

"However, political parties should avoid making those promises which are likely to vitiate the purity of the election process or exert undue influence on the voters in exercising their franchise," the Commission held.

EC had earlier circulated draft guidelines in this regard and elicited the views of parties on the issue.

Parties, during their meeting with EC, had expressed divergent views and most of them were against issue of such guidelines saying making promises to the electorate was their right.

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News Network
April 15,2020

New Delhi, Apr 15: A day after Prime Minister Narendra Modi announced the extension of COVID-19 lockdown till May 3, the Ministry of Home Affairs (MHA) on Wednesday issued consolidated revised guidelines on measures to be taken by Ministries and Departments of Government of India, state and Union Territory governments and authorities for the containment of COVID-19.

As per the guidelines, all domestic and international air travel of passengers (except for security purposes), passenger movement by trains (except for security purposes), buses for public transport, metro rail services will remain prohibited.

It stated that all educational, training, coaching institutions etc. shall remain closed. Inter-district and inter-state movement of individuals except for medical reasons or for activities permitted under guidelines shall remain prohibited.

Taxis (including auto-rickshaws and cycle rickshaws) and services of cab aggregators to remain prohibited until May 3.

Also, all cinema halls, malls, shopping complexes, gymnasiums, sports complexes, swimming pools, entertainment parks, theatres, bars and auditoriums, assembly halls and similar places shall remain closed.

All social/political/sports/entertainment/academic/cultural/religious functions/other gatherings will also not be allowed.

"All religious places or places of worship shall be closed for public. Religious congregations are strictly prohibited. In the case of funerals, a congregation of more than 20 persons will not be permitted," the guidelines stated.

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Agencies
August 2,2020

Ayodhya, Aug 2: With the foundation laying ceremony of the grand Ram temple around the corner, the work at the stone-carving workshop of Ram Janambhoomi in Ayodhya has reached its final stage.

Speaking to news agency, caretaker of Ram temple stone workshop Hanuman Yadav said, "Stonework is ready for the construction work till the first floor of the temple. Cleaning work is almost done but some work is still left which will be done soon after the trust's meeting."

Talking about the characteristics of the sandstone chosen work the construction, he said, "It was chosen for the construction as it can withstand rigours for thousands of years. These designated stones are minutely carved according to the need of the temple."

The stone-carving workshop for the Ram temple construction was established in Ayodhya by the Vishwa Hindu Parishad (VHP) in 1990.

On August 5 when Prime Minister Narendra Modi will visit Ayodhya for rituals that will mark the beginning of Ram temple construction, Hanumangarhi is the first stop he would be visiting.

The construction of Ram temple will begin in Ayodhya after the ceremony to lay the foundation stone in which various dignitaries from the political and religious fields are likely to participate apart from RSS chief Mohan Bhagwat. 

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News Network
January 21,2020

Jan 21: Indian policymakers may make it easier for companies to tap foreign funding, as a prolonged cash squeeze makes it tough for firms to borrow at home.

Investors are speculating about potential steps Finance Minister Nirmala Sitharaman could unveil when she presents the nation’s budget on Feb. 1. These measures may include freeing up firms to borrow at higher rates and offering tax breaks to global funds.

“The government will need to relax local rules to make it easier for Indian companies to raise debt overseas and tide over the funding crunch in the onshore market,” said Raj Kothari, London-based head of trading at Jay Capital Ltd. “At the same time, they need to ensure that the borrowers tapping offshore markets abide with stricter corporate governance so as to avoid further defaults.”

A prolonged crisis in India’s shadow bank sector and a pile of bad loans at traditional lenders is making it expensive for Indian companies, other than the best-rated firms, to access funding. The government has tried a series of measures to spur domestic credit, including providing so-called credit enhancement and allowing tiny firms to restructure debt.

Here are some steps Sitharaman may consider to spur foreign borrowing:

• She could raise the cap of 450 basis points above Libor, which limits overall foreign debt costs for Indian companies

• This could help lower-rated firms sell bonds abroad. Indian companies rated BBB currently borrow at more than 10%, about 3.8 percentage points more than their top-rated peers;

• Sitharaman could waive the withholding tax foreign investors need to pay on holdings of rupee-denominated debt sold by Indian companies abroad

• The waiver was offered between September 2018 to March 2019, but wasn’t extended as the highest global interest rates since the financial crisis deterred Indian borrowers. Since then, the three-month Libor has dropped by about 1 percentage point

• She could permit Indian property developers and housing finance lenders to sell overseas bonds for reasons beyond affordable housing projects

• New funding lines to the real estate sector, arguably ground zero of India’s economic slowdown, could help kickstart consumption and investment as the industry is the nation’s biggest job-creator.

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