Financial accounting be mandatory for legislators. All major
financial statements be made mandatory from all Members of Parliament, Members
of State’s Assemblies (MLAs) and State’s Councils (MLCs), Corporators,
Councilors and all elected/ nominated representatives in India. These
statements be required un-audited quarterly every 3 month and audited annually.
Following financial statements be made mandatory from
elected representatives in India:
2) Family’s Balance Sheet
3) Personal Profit and Loss/ Income statement
4) Family’s Profit and Loss/ Income statement
5) Personal Cash flow statement
6) Family’s Cash flow statement
An elected or nominated representative before joining the
office and assuming the role be required to inform about his direct family
(Self, Parent, Spouse, Children, Sibling) who are living as one family and find
a name in Ration card. This is really necessary because the politician in
office may transfer his/ her illegal assets to account of family members and
issue clean statements. Relatives no matter who they are if they live as
separate family (different ration card with different family head) be made free
from such legislation, else whole legislation appears absurd. It (leaving those
who are a different family) may sound absurd at first but is very practical.
Laws should be practical rather than everything dealt but remains impractical.
Corporations, business entities, trusts and NGOs are obliged
by law to produce financial statements on regular basis to bring in
transparency and minimize the misuse of money involved. Since such money is not
personal property rather belongs to shareholders, partners, debtors, religious
groups or general public in some or other sense.
Elected/ nominated representatives (MP, MLA, MLC etc) may
and have been misusing public money illegally. Election commission requires asset’s
declaration from them which is really shocking, 200 crore rupees, 150 crore
rupees, 270 crore rupees, is this enough transperancy? In next term when they
re-contest election their assets are merely double and triple in asset
declaration, no one questions them, just to show the amount they legally own is
that enough for us (Indians) to be satisfied, they don’t declare how they made
it?
Most of politicians declare they came from farmer
background, poor families in order to gather sympathy from voters, well and
good but how come they acquired such gigantic amount of legal assets? They
manipulate with hotels, factories ownership’s returns or donations etc, this is
merely manipulation to cover scams. Politician’s financial growth with such
backgrounds or with middle class background making such success when it comes
to profit making through legal means of hotels, factories etc sounds absurd.
Thus, I demand legislation to make it abiding on all elected/
nominated representatives (MPs, MLAs, MLCs, Corporators, Councilors etc) throughout
India to produce/ publish major financial statements (Balance Sheet, Profit and
Loss/ Income Statement, Cash flow statement) both personal and family’s unaudited
quarterly every 3 month and audited on annual basis to the house they represent
or are nominated in, or and also publish in a newspaper or journal officially
approved by Govt. of India for this very purpose and be available for sale at
appropriate govt.’s outlet.
Such legislation will bridle scams, misuse and usurpation of
public money by politicians. In near future if this legislation is made you
won’t hear any politician with a legal asset of 200, 300, 350 crore rupees.
Merely asset declaration before elections is not suited for current time also
not good for bright future of India.
Summary
1) Three major financial statement (in total six) be
made obligatory on all elected and nominated members in India, one personal and
other politician’s family (sharing name in ration card living as one family)
2) Publish the statements in official govt.’s
journal which be available for sale at appropriate Govt.’s outlet.
