Sources privy to the development said the EC wrote to the Law Ministry recently to revise the format of reporting of monetary contributions that is reported by political parties in a form called the 'Form 24 A' under section 29 of the Representation of People Act.
The EC, according to sources, has suggested that political parties should be asked to furnish details about contributions (by way of cash or cheques) received from foreign companies and also those from government bodies.
They said the EC has asked for the revision of these documenting procedures in order to make transparent the functioning of political parties and their source of funding.
The EC, in its recommendations, has also asked the Law Ministry that any contribution received by political parties should have audit reports attached and should specify how much amount they received in cheques and how much by cash.
The recommendations sent by the EC also state that if there was a 'nil' contribution made to the political party, that should also be reported to it in the revised 'Form 24 A'.
Till now, political parties only reported any amount or contribution received above Rs 20,000 to the EC under the election laws.
