Finance Minister Arun Jaitley has said the government is finalising electoral bonds scheme, which aims at cleaning up political funding. Mr Jaitley said this at a book release function in New Delhi yesterday.
He said, the government has already announced this in this year’s budget and he is keen to implement it. The Minister said the scheme is in the final stage.
As per the electoral bond mechanism, the proposed bonds will resemble a promissory note and not an interest-paying debt instrument. They will be sold by authorised banks and can be deposited in notified accounts of political parties within the duration of their validity.
The bonds will not carry the name of the donor and routing of the money through banks will ensure that only tax paid money comes into the political system.