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Finance Minister Nirmala Sitharaman Defends Electoral Bonds Amid Criticism

Kalyani Jha
15 Mar, 2024

Union Finance Minister Nirmala Sitharaman has rebuffed allegations linking recent probe agency raids with the electoral bonds scheme, dismissing them as mere assumptions. Speaking at the India Today Conclave 2024, Sitharaman defended the government's decision to introduce electoral bonds, asserting that it has brought transparency to political funding.

Sitharaman highlighted that the matter is already in court and emphasized that the previous system was not flawless either. She mentioned that while the current system may not be perfect, it ensures that white money is channeled into political parties, thereby creating a more transparent mechanism.

The Finance Minister's remarks come in the wake of controversies surrounding the electoral bonds scheme, which permits anonymous donations to political parties. Critics have expressed concerns about transparency and the potential for misuse under this scheme.

Meanwhile, Congress leader Rahul Gandhi launched a scathing attack on the BJP-led government, labeling the electoral bond scheme as the "biggest extortion racket in the world." This criticism followed the publication of political funding details through electoral bonds by the Election Commission.

Rahul accused the BJP and RSS of using investigative agencies like the ED and CBI as weapons to target Opposition leaders. He pledged that action would be taken against these agencies once the BJP government is no longer in power.

Furthermore, Rahul criticized the BJP for allegedly destroying the country's institutional framework and claimed that agencies like the CBI, ED, and Income Tax Department are being used to extort big firms for political and electoral funding purposes.

The electoral bonds scheme, considered the brainchild of Prime Minister Narendra Modi, has faced ongoing scrutiny and criticism from the Congress and other opposition parties. They argue that the scheme lacks transparency and could lead to the compromise of democratic principles in political funding.