At least it's white money: FM on electoral bonds

March 15, 2024 14:47

Union Finance Minister Nirmala Sitharaman on Friday said that huge "assumptions" have been made after the release of data on Electoral Bond Scheme and admitted that while the system might not be perfect, it was "one bit better" than the previous system of political funding that was "completely imperfect".

"The electoral bond system may not be perfect. We must take lessons from the Supreme Court judgement on electoral bonds. There may or may not be a new law around this, I'm not commenting on it. Will make efforts to make sure there is transparency," Sitharaman said while speaking at the India Today Conclave in New Delhi today.

Sitharaman also dismissed as "assumptions" the links between raids by central probe agencies on firms and their subsequent donations to election bonds. "I think you've based yourself on huge assumptions, that the money was given after the Enforcement Directorate raid happened," Sitharaman said while responding to a question at the conclave.

The Election Commission on Thursday uploaded on its website data on electoral bonds provided by the State Bank of India after the bank was asked to do so by the Supreme Court of India.

Data uploaded by the Election Commission of India showed that Future Gaming and Hotel Services, whose director is the lottery magnate Santiago Martin, is the top purchaser of electoral bonds having purchased bonds worth Rs 1368 crore. The data relates to a period from 2019-2024.

"This matter is in court already. The verdict has come, SBI submitted... One question comes to mind, was the earlier system 100 per cent perfect? no.... at least the money that goes to political parties is white money. We moved on from a situation when everybody did anything to a transparent system...it's certainly not better but one bit better," the Finance Minister said.

Sitharaman said that effort should be to learn from this and ensure transparency in the upcoming law if and when it comes. She also criticised the alleged hypocrisy of the opposition for protesting against the good reforms of the Modi government. The Finance Minister said that Prime Minister Narendra Modi government had undertaken reform works consistently.

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