New Delhi: Union finance minister Arun Jaitley on Sunday said the government’s electoral bonds scheme marks a substantial improvement in transparency over the present opaque system of political funding. Every political party in its returns will have to disclose the amount of donations it has received through electoral bonds to the Election Commission. “The Government is willing to consider all suggestions to further strengthen the cleansing of political funding in India. “The conventional practice of funding the political system was to take donations in cash and undertake these expenditures in cash. The life of the electoral bonds will be 15 days and they can be encashed only by registered political parties through a designated bank account.

Source: Mint January 07, 2018 08:03 UTC