When they amended paragraph 3 section 182 the Companies Act 2013 in part XII of the Finance Act 2017-2018 in Parliament on March 22 2017, Narendra Modi, Arun Jaitley and the BJP committed the crime of bribery.
Under the Representation of People Act 1951 section 123, bribery, that is to say the receipt or agreement to receive, any gratification by any person whomsoever for inducing or attempting to induce any elector to vote is deemed to be corrupt practices for the purposes of the Act.
When Narendra Modi, Arun Jaitley and the BJP in Parliament on March 22 2017 in the PART XII of the Finance Act 2017-2018 amended paragraph 3 section 182 the Companies Act 2013, that had provided that every company shall disclose in its profit and loss account any amount or amounts contributed by it to any political party during the financial year to which that account relates, giving particulars of the total amount contributed and the name of the party to which such amount has been contributed; and replaced the wording with a new paragraph 3 that now reads, ‘‘(3) Every company shall disclose in its profit and loss account the total amount contributed by it under this section during the financial year to which the account relates” they committed the crime of bribery.
The new part 3 of section 182 of the Companies Act allows the large corporations that received many trillions of rupees of loans from PSBs since 2014 from the Modi Government, to anonymously contribute to the BJP, thereby giving a gratification for the purpose of inducing or attempting to induce any elector to vote. The planned anonymous electoral bonds are just the icing on the cake of the crime that has already been committed.
The second amendment 3A is just bullshit to cover up the main crime. Paragraph (3A) newly says that the contribution under this section shall not be made except by an account payee cheque drawn on a bank or an account payee bank draft or use of electronic clearing system through a bank account: Provided that a company may make contribution through any instrument, issued pursuant to any scheme notified under any law for the time being in force, for contribution to the political parties. This provision is obviously no bother at all to the corporate recipients of Modi’s largesse. Banks create money as deposits in accounts when they give loans. A borrower gets a cheque book and a debit card on his deposit account at the public sector bank. He can transfer the money to the BJP by keystroke on his mobile phone. And under the new paragraph (3) only the receiving political party will know who their contributors are, but not the public.
Narendra Modi, Sangh Parivar and Bhartya Janata Party have committed the crime of bribery using the mixed socialist economic model of public sector banking and private company law to hand over economic power to a few huge Corporations that are the anonymous funders of the BJP, thus breaking the criminal law that prohibits bribery.
As a fascist political movement the Bhartya Janata Party, the Sangh Parivar organisations and Narendra Modi bribe corporations in order to cement the alliance between Hindu majoritarian fascism and capitalism in order to advance their ideological aim of overthrowing the secular socialist Constitution of India and promote in its place the glory of Hindu Rashtra in the world.
In the process they are leaving the agricultural labourers, unemployed workers, underemployed marginal informal sector casual day-labourers, and uneducated adult men and women who comprise 95% of the working population, stranded in no man’s land without land, without paid work and without social security. Narendra Modi and the BJP take such misery of the citizens of India in their stride for the sake of advancing their fascist ideology.
A few dozen large Indian transnational corporations are receiving many trillions rupees worth of new money creation from Public Sector Banks (PSBs) under the control of Narendra Modi, and of course defaulting. On the other hand the Union Government has not issued a single new bond for purchase by the Reserve Bank of India for spending money into circulation for citizen’s welfare or work, be it Panchayat Raj budgets, Agriculture, the MGNREGA, the various Welfare Ministries, flood relief in Bihar, Drought relief in other states, Housing, Education of Health. Nor have they required PSBs to buy Government bonds under the statutory liquidity ratio provisions.
The point of nationalised banking is to allow a socialist Government to create money for the public. This happens when the Union Government issues Government bonds and requires the public sector banks (PSBs) and indeed all banks to buy them under the statutory liquidity ratio provisions. When the banks buy the bonds they buy them with money that is created out of thin air, by keystroke, entering a deposit on behalf of the Government on the debit side and an asset on the asset side of the bank balance sheet. Thus assets and liabilities of the banks go up, and the Government has new money deposits to spend.
The question all citizens of India must ask themselves is why, instead of using this statutory, legal, Constitutional power of money creation through PSBs in this way, for the benefit of Union spending for welfare, agriculture, health, education, social and ecological welfare, conservation, forestry, and a myriad of other absolutely vital daily and long term transaction needs of the people, why, instead of issuing bonds for purchase by PSBs let alone by the RBI, are Narendra Modi and the Bharatya Janata party authorising several trillion Rupees worth of loans from the PSBs to private corporations?
What is their motivation for preferring the enrichment of 57 Indians who own more than the poorest 70% of Indians, over the direct work creation for one billion underemployed Indians? Why are they undermining the possibility of sure and steady improvement in welfare of the workers and the ecology and agriculture in the informal sector through local trade, and instead enriching a few large corporations that have no chance in hell of creating jobs for India’s majority?
The answer is that they are bribing the owners of the largest corporations of India with loans from PSBs in order to ensure the support of those owners and their corporations for Narendra Modi and the BJP and the ideology of the glory of Hindu Rashtra in the world. The Amendment to section 182 of the Companies Act ensures a larger amount of money in BJP’s bank account than in any other political party’s account, and ensures more than enough money to ensure the re-election of the BJP in the Parliamentary elections in 2018 or 2019 in order to achieve the Hindu fascist aim of the glory of Hindu Rashtra in the world.
What Narendra Modi and Arun Jaitley and the BJP did in Parliament on March 22 2017 constitutes bribery under the RPA. There is no immunity for Members of Parliament against indictment for crimes. The gentlemen agreed to receive gratification from anonymous contributors to induce any elector to vote. Narendra Modi, Sangh Parivar and Bhartya Janata Party have usurped the Constitution by both political and economical means and committed the crime of bribery, using the mixed socialist economic model of public sector banking and private company law to hand over economic power to a few huge Corporations that are the anonymous funders of the BJP.
Instead of introducing new, fair, provisions for public financing of political parties, the BJP has built itself a foolproof system of bribery and corruption: contributions to the BJP are coming from corporations that received new money created through loans from PSBs that are in the control of Narendra Modi, Arun Jaitley and the BJP. The purpose is to overthrow the secular socialist Constitution of India and replace it with Hindu Rashtra.
[Anandi Sharan was born in Switzerland, lives in Bangalore and last year worked in Araria District Bihar, India. She works on trying to find the best money system to help people adapt to climate change especially in India. First published by Countercurrents.org.]