Foreign Currency

CEC Should Monitor The Stock Market Trends And Foreign Exchange Rate Variation To Detect Money Laundering For Electioneering| Countercurrents


To

Shri Rajiv Kumar

Chief Election Commissioner

Dear Shri Rajiv Kumar,

India’s electioneering has become inordinately expensive with political parties resorting to money laundering, hawala transactions etc. to fill their opaque coffers to fund electioneering through illegal means. It is widely known how they have resorted to buying elected representatives openly to remain in power. Unless the Commission keeps its eyes and ears open to monitoring the flow of money from illegal sources to the political parties, it cannot preempt electoral corruption.

I wonder whether the Commission has seen a report  on one such trend visible in the stock market indices (https://economictimes.indiatimes.com/markets/stocks/news/billions-of-fii-dollars-may-chase-indian-stocks-in-election-season-heres-why/articleshow/108421283.cms).

I am not sure whether the Commission has the inclination, willingness and determination to prevent the flow of illegal funds into electioneering. I suggest that the Commission takes help from experts to help it in containing such flows. The Commission should not hesitate to take help from regulatory authorities such as the RBI and the SEBI.

I had pointed out several times in the past, instances of individual candidates incurring expenditure in excess of the prescribed ceilings, which under the election law amounts to outright electoral corruption. In such cases, the Commission is obligated under Article 324 and the election laws to initiate proceedings against those violating the expenditure ceiling. If the Commission fails to act, I am afraid, it amounts to the Commission becoming a party to it!

One expects the Commission to act fearlessly in such matters as highly expensive electioneering does not reflect well on the effectiveness and credibility of the Commission as a Constitutional authority.

May I call upon you to act fast and with determination?

Regards,

Yours sincerely,

E A S Sarma

Former Secretary to the Government of India

Visakhapatnam



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