ISLAMABAD: The ruling party Pakistan Tehreek-e-Insaf (PTI) on Friday submitted its wealth statement for last financial year with the Election Commission of Pakistan (ECP)-a mandatory legal requirement that binds all political parties to submit their wealth details with the electoral body, as the related deadline approaches today (Saturday).
"PTI is the only political party of Pakistan that prepares its statement of assets and liabilities in a highly professional manner," the ruling party said in a statement after a PTI delegation comprising of the party's General Manager Finance Muhammad Arshad and other office-bearers including Asif Rasheed and Naveed Anjum visited the ECP headquarters and submitted the PTI's statement of accounts for financial year 2019-20.
The ECP has asked the political parties to submit their statements of accounts for the financial year 2019-20 latest by August 29, 2020, which is a mandatory requirement under relevant election laws.
According to a notification issued by the Commission few days back, the political parties have been asked to submit their statements of accounts in terms of the Section 210 of the Elections Act 2017 and other relevant provisions of elections laws.
The Section 210 of the Elections Act 2017 provides that a political party shall, in such a manner as may be prescribed, submit to the commission, within sixty days from the close of a financial year, a consolidated statement of its accounts audited by a chartered accountant on form-D containing: (a) annual income and expenses; (b) sources of its funds; and (c) assets and liabilities.
The Section 210 further reads that the statement to be submitted to the ECP shall accompany the report of a chartered accountant with regard to the audit of accounts of a political party and a certificate signed by an office-bearer authorised by the party head stating that - (a) no funds from any source prohibited under the Elections Act 2017 were received by the political party; and (b) the statement contains an accurate financial position of the political party.
The Section 204 of the Elections Act 2017 reads, "Membership fee, contributions and donations. (1) A member of a political party shall be required to pay a membership fee, if provided in the political party's constitution and may, in addition, make contributions or donations towards the political party's funds. (2) The fee, contribution or donation made by a member or a supporter of a political party shall be duly recorded by that political party. (3) Any contribution or donation made, directly or indirectly, by any foreign source including any foreign government, multinational or public or private company, firm, trade or professional association or individual shall be prohibited. (4) Any contribution or donation which is prohibited under this Act shall be confiscated in favour of the government in such manner as may be prescribed.
Explanation: For the purpose of this section - (a) "Contribution or donation" includes a contribution or donation made in cash, kind, stocks, transport, fuel and provision of other such facilities; and (b) "Foreign source" shall not include an Overseas Pakistani holding a National Identity Card for Overseas Pakistanis issued by the National Database and Registration Authority."
Copyright Business Recorder, 2020
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