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LATEST NEWS UPDATES | CPM on funds source

CPM on funds source

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published Published on Aug 12, 2012   modified Modified on Aug 12, 2012
-The Telegraph

The CPM today disclosed that levy collected from party members plus small, voluntary contributions had swelled its coffers but denied it was a big beneficiary of corporate donations.

“The CPI(M) does not accept donations from corporates. However, there have been contributions from some companies in Andhra Pradesh. These donations, when it came to the notice of the politburo last year, was discussed and it was decided not to accept donations from companies, however small,” a party statement said.

The statement, along with details of sources of the party’s income, was released to deny reports that the CPM was one of the biggest beneficiaries of corporate donations after the Congress, BJP and the Bahujan Samaj Party.

The statement said the party’s total income in the last seven years (2005-2011) was Rs 4,17,26,36,817, of which nearly 80 per cent had come from members’ levies and voluntary donations, mostly of amounts of less than Rs 20,000.

While levies contributed Rs 1,66,79,55,343 (39.97 per cent), voluntary contributions added up to Rs 1,65,66,64,584 (39.7 per cent) of the total income, it said.

To underscore its image of being a party of the poor, the statement said only Rs 3,35,96,941 (0.81 per cent) of the party’s total income had come from donations above Rs 20,000.

The CPM, however, said donations from “companies and societies” formed only a minuscule Rs 1,45,31,914 (0.35 per cent) of the party’s total income. How donations from these sources were different from corporate donations could not be clarified.

The party did not disclose “companies and societies” donors’ identities but promised to do so. It said it had been submitting names of all persons donating over Rs 20,000 to the income tax department and the Election Commission.

“The party has not concealed the name of any donor, either company or individual who donated more than Rs 20,000 to the party. But majority of the donors of the CPI(M) are from the poorer sections of the people and who donate only small amounts and far below Rs 20,000…” the statement said.

Members are bound by the CPM constitution to pay levy to the party. The proportion is fixed according to a member’s income, in the same way as taxes are paid to the government on disclosed income. The CPM gets hefty amounts as levy from professionals and businesspersons that are its members.

The Telegraph, 12 August, 2012, http://www.telegraphindia.com/1120812/jsp/nation/story_15846142.jsp#.UCchUaAXVwc


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