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Plea in SC for restraining political parties from offering loan waivers

Press Trust of India  |  New Delhi 

A petition has been filed in the seeking to restrain political parties from offering loan waivers and other monetary schemes in their election manifestos saying that these plans involve public funds and adversely affect the economy.

The plea said the Centre as also the states should not be allowed to waive and banks need to be restrained from technical write-offs of non-performing assets (NPA) to ensure that their financial condition is not camouflaged.

The petition, filed by Reena N Singh, is listed for hearing on April 22 before a bench headed by Justice S A Bobde.

Singh said the Centre and states should formulate an agricultural policy which makes the sector profitable and assists farmers in becoming prosperous, increasing their interest in farming.

"Political parties should not be permitted to offer loan waiving schemes or any other monetary schemes in their election manifestos," the petition said.

"The political parties whether in power or in opposition should not be allowed to manipulate public funds for their political motives to attract a section of mass voters or vote banks at the cost of public funds which belongs to country," it said.

Besides the Centre, states and Union Territories, the plea has arrayed as parties the (RBI), (ECI), and

The plea said that waiver of bank should not be allowed to ensure transparency and fairness regarding use of public funds.

It said political parties are offering schemes in their election manifesto by ignoring its negative effects on the Indian economy and they are using this "offer of manipulation of public fund as a tool to achieve their political motives to come to power".

The political parties are offering to waive the loan from the government exchequer gathered by taxation and not from their political party funds, it said.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, April 17 2019. 19:10 IST