Finance Minister, Mr. Arun Jaitley said on Sunday that the electoral bonds mechanism is a significant enhancement in transparency over the present system and the government is open to propositions to further cleanse political funding. The finance minister further mentioned in a Facebook post, that the conventional practice of backing the political system was to take donations as well as undertake expenditures in cash.
He further said that the sources are always anonymous or pseudonymous and the quantum of money was never revealed and the system safeguards unclean money coming from any unidentifiable sources. He further said that as the system is not fully non-transparent. Moreover, most political groups look as if they are fairly satisfied with the present arrangement and would not mind the present status-quo to continue.
Jaitley also said that the effort is to run down any substitute system, which can clean up the political funding mechanism. The finance minister had also announced last week that the outlines of the electoral bonds that will be sold by the country’s state-of-the-art lender SBI and will have tenure of just fifteen days. The bonds are seen as an alternate medium to cash donations made to political parties and the choice has now should be made consciously being made between the present system of extensive cash donations which involves some unclean money and other transparent options like cheque, online transactions and electoral bonds.
Jaitley wrote that the government is keen to consider all proposals to further reinforce the cleansing of political funding in India and should be accepted in mind that any impractical suggestions will not improve the cash system and would only combine it. He also said that India is the largest democracy in the world, but has not been able to develop a transparent political funding system in the last seven decades.