You are here: Home » Economy & Policy » News
Business Standard

Govt open to proposals to further cleanse political funding: Arun Jaitley

The bonds are being pitched as an alternative to cash donations made to political parties

Press Trust of India  |  New Delhi 

Arun Jaitley
Arun Jaitley

The mechanism is a substantial improvement in transparency over the present system and the government is open to suggestions to further cleanse political funding, Finance Minister said on Sunday. In a post, Jaitley said the conventional practice of funding the political system was to take donations as well as undertake expenditures in cash. The sources are anonymous or pseudonymous. The quantum of money was never disclosed and the system ensures unclean money coming from 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 mechanism," Jaitley said. The finance minister had last week announced the contours of the electoral bonds, which will be sold by country's latest lender and will have a tenure of just 15 days. The bonds are being pitched as an alternative to cash donations made to Jaitley said the choice has now to be "consciously" made between the existing system of substantial cash donations involving unclean money and other transparent options like cheque, online transactions or "While all three methods involve clean money, the first two are totally transparent and the scheme is a substantial improvement in transparency over the present system of no-transparency," he said. "The government is willing to consider all suggestions to further strengthen the cleansing of in India.

It has to be borne in mind that impractical suggestions will not improve the cash denominated system. They would only consolidate it," Jaitley wrote. He said India, despite being the largest democracy in the world, has not been able to evolve a transparent system in the last seven decades. "The round the year functioning of the involves a large expenditure... These expenditures run into hundreds of crores. Yet there has not been a transparent funding mechanism of the political system," he said.

First Published: Mon, January 08 2018. 02:52 IST
RECOMMENDED FOR YOU