Nirmala Sitharaman dismisses link between electoral bond donors, probe agency raids

PTC News Desk: Finance Minister Nirmala Sitharaman addressed the issue of electoral bond donors and probe agency raids during her speech at the India Today Conclave 2024. Sitharaman dismissed the notion of a direct link between the probe agency raids and electoral bonds, considering it mere speculation.

The recent data released by the Election Commission (EC), sourced from the State Bank of India, disclosed that 14 out of the top 30 companies purchasing electoral bonds had faced scrutiny from central or state probe agencies. In response, Sitharaman questioned the perfection of previous systems and emphasised the need for context.

She refuted the assumptions surrounding the connection between probe agency actions and electoral bonds, highlighting that the matter was still under judicial review. Sitharaman reminded the audience of her predecessor, former Finance Minister Arun Jaitley's assertion that the electoral bond system represented an improvement over its predecessors, as it facilitated transparent money transfers from accounts to party coffers.

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Acknowledging the imperfections of the electoral bond system, Sitharaman underscored the transition from a flawed system to one with increased accountability. She stressed the importance of this transition, stating that while the system may not be flawless, it signified progress from an entirely imperfect framework to one that sought to address loopholes and enhance transparency in political funding.

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(Inputs from agencies)