 "Assets of Odisha's BJD soar by over 7000% in 10 years")
The assets of Odisha's ruling Biju Janata Dal (BJD) have increased by a whopping 7,721% between 2005-06 and 2015-16, said a report on Friday.
The assets of the party increased from Rs 24 lakh during 2005-06 fiscal to Rs 18.77 crore during 2015-16, according to a report of the Odisha Election Watch (OEW), the state chapter of the National Election Watch.
Also, an overall 10,200% increase in liabilities of the party was recorded between 2005-06 and 2015-16. The liabilities shot up from Rs 20,000 in FY2005-06 to Rs 20.6 lakh in FY2015-16.
The report has been prepared based on the Income Tax returns submitted by the BJD for 11 years to the Election Commission. It is available with the Association for Democratic Reforms (ADR).
A political party is required to declare details of its assets and liabilities as part of their audit reports with the EC.
The assets of the ruling party increased from Rs 24 lakh in 2005-06 to Rs 3.17 crore in 2010-11 and Rs 9.26 crore in 2013-14. It further increased to Rs 17.998 crore in 2014-15 and Rs 18.77 crore in 2015-16.
The assets of the party are resources such as cash, bank investments and movable and immovable properties. The liabilities include borrowings from banks, unsecured loans, access to overdraft facilities and more.