New Delhi: Parliament on August 4 approved a legislation to legalise funding of political parties and make it more transparent, with the Rajya Sabha passing the measure by a voice vote.

The Election and Other Related Laws (Amendment) Bill 2003, passed by the Lok Sabha earlier, was approved after incorporating recommendations of the Parliamentary Standing Committee on Home Affairs.

The Bill seeks to amend certain laws to ensure accountability in donations given by private companies and individuals.

Replying to a debate on the Bill, Law Minister Arun Jaitley said this Bill in no way legalised corporate donations or corruption in the political system, but was meant to infuse accountability in the entire process.

The Minister said government had considered recommendations of the Indrajit Gupta committee on funding of political parties and brought in the legislation to amend the Representation of the People Act, Income Tax Act and the Companies Act for the purpose.

PTI