Electoral Bonds not perfect but better, it is at least transparent, says FM Nirmala Sitharaman

Union Finance Minister Nirmala Sitharaman dismissed claims of a connection between recent probe agency raids and the electoral bonds scheme as mere "assumptions." Addressing the India Today Conclave 2024, Sitharaman defended the government's move to introduce electoral bonds, stating that it has brought transparency to political funding.

"This matter is in court already. The verdict has come, SBI submitted... One question comes to mind, was the earlier system 100% perfect...nahi.... At least white money goes to political parties. We moved to a transparent system...it's certainly not better but one-bit head," the Finance Minister said, as quoted by India Today.

Sitharaman's remarks came amidst controversies surrounding the electoral bonds scheme, which allows anonymous donations to political parties. Critics have raised concerns about the lack of transparency and the potential for misuse.

The Finance Minister's statement also follows recent raids by probe agencies on individuals and entities allegedly linked to the electoral bonds scheme. However, Sitharaman dismissively referred to such claims as "assumptions."

Meanwhile, in a scathing attack on the BJP-led government, Congress leader Rahul Gandhi labelled the electoral bond scheme as the "biggest extortion racket in the world" after the Election Commission published details of political funding through the controversial bonds, as per ANI.

Addressing the media during his 'Bharat Jodo Nyay Yatra', Rahul claimed, "Narendra Modi ran the world's largest extortion racket in the name of electoral bonds," as quoted by ANI.

He further alleged that investigative agencies like the ED and CBI are no longer autonomous but have become "weapons" in the hands of the BJP and RSS to target Opposition leaders. "The sovereign institutions of the country, be it the ED, the Election Commission of India or the CBI, are no longer autonomous bodies but are weapons in the hands of the BJP and RSS. If these institutions had done their job as they should, things wouldn't have come to this pass. When this BJP government goes, these agencies will face action. The action against them will be such that these incidents (alleged harassment of Opposition leaders) are not repeated. I can guarantee," he said, as quoted by ANI.

Accusing the ruling party of destroying the country's institutional framework, Rahul said, "The BJP has shackled and destroyed the institutional framework of the country. This is the single biggest anti-national activity under this government. The CBI, ED, and the Income Tax Department are being used to extort big firms. They are being contracted (for political and electoral funding) before being rewarded with government contracts."

Describing the electoral bonds scheme as the Prime Minister's "brain child", Rahul added, "This scheme is the brain child of the PM, who said the electoral bonds would cleanse the country's politics (by ensuring checks and balances)."

The Congress has long criticized the opaque electoral bond scheme, alleging that it facilitates anonymous corporate donations to political parties, potentially compromising transparency in political funding.