[vc_row][vc_column][vc_column_text]Jaitley said there is a need to “consciously” choose between the existing system of substantial cash & other transparent options like cheque or electoral bonds.
Stating that the electoral bond mechanism could be a substantial improvement to bring in transparency in the existing political system in the country – Finance Minister Arun Jaitley on Sunday stated that the ruling Bharatiya Janata Party (BJP) government is open to suggestions to further cleanse political funding.
Sharing a post on social networking platform, Facebook, the Union Finance Minister said that the unusual practice to fund a political group was by taking donations and undertaking expenditure in cash from sources – which can be anonymous or pseudonymous. Jaitley further stated that while the quantum of transferred or donated money was never disclosed, the system ensures unclean money coming from various unidentifiable sources.
“It is a wholly non-transparent system. Most political groups seem fairly satisfied with the present arrangement and would not mind this status-quo to continue. The effort, therefore, is to run down any alternative system which is devised to cleanse up the political funding mechanism, said Jaitley.[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column][vc_raw_html]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[/vc_raw_html][/vc_column][/vc_row][vc_row][vc_column][vc_column_text]Earlier last week, Jaitley announced the contours of the electoral bond – which will be sold by the State Bank of India (SBI) and will be having tenure of just 15 days. The electoral bonds were being introduced by the finance ministry to replace the donation of cash to political parties.
Speaking of the electoral bond mechanism in his Facebook post, Jaitley stated that there is an immediate need to “consciously” choose between the existing system of substantial cash – which involves huge amounts of unclean money – and other transparent options like cheque, online transactions or electoral bonds.[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column][vc_raw_html]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[/vc_raw_html][/vc_column][/vc_row][vc_row][vc_column][vc_column_text]“While all three methods involve clean money, the first two are totally transparent and the electoral bonds scheme is a substantial improvement in transparency over the present system of no-transparency,” wrote Jaitley.
“The government is willing to consider all suggestions to further strengthen the cleansing of political funding in India. It has to be borne in mind that impractical suggestions will not improve the cash denominated system. They would only consolidate it,” he added.
Further stating that the country failed to bring in a transparent political funding system – despite being the largest democracy in the world – Jaitley said, “The round the year functioning of the political parties involves a large expenditure… These expenditures run into hundreds of crores. Yet there has not been a transparent funding mechanism of the political system.”[/vc_column_text][/vc_column][/vc_row]