Government open to suggestions to cleanse political funding: Jaitley

January 07, 2018 15:03

The electoral bonds 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 Arun Jaitley said.

In a Facebook 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 political funding 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 SBI and will have a tenure of just 15 days.

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