Candidates must disclose assets held abroad: EC

The Election Commission of India (ECI) has directed candidates to disclose details of bank accounts and assets held in other countries before filing nominations for the coming general elections, making it difficult for political parties to further skirt the issue of black money in elections.

Though the amended format of the affidavit, notified by the ministry of law and justice on August 1, 2012, clearly stipulates all candidates disclose details of deposits, investments in banks and financial institutions along with details of moveable and immovable assets, the candidates were revealing only those they held in India.

The candidates were benefiting from the ambiguity, as the amended format didn't specify or mention declaration of foreign account details.

The ECI took notice of the issue on the complaint of some non-profit organisations and wrote to all parties on February 22: "It is accordingly clarified that the details of bank accounts, assets and liabilities to be furnished in the affidavit should invariably include the details of all deposit and investments in foreign banks and any other institution abroad. The candidates should ensure that they furnish full and complete information in this regard."

Nripendra Misra, director of Public Interest Foundation, had written a letter to the ECI last year, asking the latter to look into the issue. "We had suggested that a nomination or candidature should be forfeited if the declaration turns out to be incorrect or conceals any information. The ECI rejected the idea," Misra said. Rajya Sabha candidates, who are not elected directly by the voters are supposed to declare money held in other countries.