The Logical Indian Crew

India's Richest! At Rs 4,848 Crore, BJP Has Highest Number Of Assets Among 7 Political Parties

According to Association for Democratic Reforms report, the total assets declared by the seven national and 44 regional parties during the FY 2019-20 stands at Rs 6,988.57 crore and Rs 2,129.38 crores, respectively.

Electoral reforms advocacy group, Association for Democratic Reforms (ADR) released a report on Friday, January 28, stating that Bhartiya Janata Party (BJP) holds approximately 70 per cent of the total assets held by national political parties. BJP has assets worth ₹ 4,847.78 crore in the financial year (FY) 2019-20 of the total 6,988.57 crores.

The ADR prepared its report on the basis of its analysis of assets and liabilities of national and regional parties in FY. According to it, the total assets declared by the seven national and 44 regional parties during the financial year stands at ₹ 6,988.57 crore and ₹ 2,129.38 crores, respectively.

Assets Of National Parties

Among seven national political parties, the Bahujan Samaj Party (BSP) has been ranked second with around 10 per cent assets worth Rs 698.33 crore, followed by the Indian National Congress with about 8.5 percent assets worth ₹ 588.16 crores.

Among 44 regional parties, the Samajwadi Party (SP) has been ranked first with around 26.5 per cent of assets worth Rs 563.47 crore. The report noted that the assets of the top 10 parties were over 95 per cent, that is Rs 2028.715 crore of the total declared by them all combined. Sp was followed by the Telangana Rashtra Samithi (TRS) and the All India Anna Dravida Munnetra Kazhagam (AIADMK), standing at ₹ 301.47 crore and ₹ 267.61 crore, respectively.

Liabilities Of Various Parties

Total combined liabilities of national and regional political parties for FY 2019-20 amount to ₹134.93 crore, out of which national and regional parties separately stands at ₹ 74.27 crore and ₹ 60.66 crore.

Both national and regional political parties have received criticism for failing to adhere to the Institute of Chartered Accountants of India (ICAI) guidelines. It directs political parties to declare details of the financial institutions, banks or agencies from whom loans were taken.

ADR analysts observed, "The guidelines specify that the parties should state the 'terms of repayment of term loans' on the basis of the due date such as a year, 1-5 years or payable after 5 years," reported Business Standard.

Reaction On Social Media

The ADR said that the Election Commission of India had endorsed ICAI guidelines on auditing political parties to improve transparency in the finances of political parties. But these guidelines have not been actively taken by parties as a mandatory procedure to disclose details of their income. "These guidelines were meant to standardise the format of financial statements of parties apart from improving disclosure of income, expenditure, assets and liabilities of the unique association, political parties," added ADR.

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Writer : Shiva Chaudhary
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