New Delhi: Union finance minister Arun Jaitley said on Sunday that the electoral bonds mechanism recently notified by the government was a substantial improvement in transparency over the present system and added that the government was open to suggestions to further cleanse political funding.
“A donor can purchase electoral bonds from a specified bank only by a banking instrument. He would have to disclose in his accounts the amount of political bonds he has purchased. The life of the bond would be only 15 days,” said Mr Jaitley.
“As against a total non-transparency in the present system of cash donations, where the donor, the donee, the quantum of donations and the nature of expenditure are all undisclosed, some element of transparency would be introduced in as much as all donors declare in their accounts the amount of bonds that they have purchased and all parties declare the quantum of bonds that they have received,” said Mr Jaitley.
