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RBI and EC objections to electoral bonds call for a fresh scrutiny of the scheme

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New revelations about RBI and Election Commission’s objections to electoral bonds are derailing Modi government’s drive for transparency in political funding. These bonds can erode the level-playing field among parties and expose donors to arm-twisting by the government of the day. A fresh scrutiny of the scheme is a must.

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  1. As a chartered accountant, must confess to not understanding a word about this scheme, least of all its claims to transparency. The old dodge of allowing cash donations upto Rs 2,000 was proving insufficient, too many parchis to be cut. 2. All donations to political parties must necessarily be by cheque. If the donor is a public limited company, full details of how much has been given to whom should be part of the audited accounts. As a shareholder, I think giving even 7.5% of net profits is excessive. Each political party should display on its web site details of every single donation it receives. Nothing less should be acceptable in an era in which citizens are being driven to a cashless society. 3. Between the ECI and the apex court, these latest revelations in Huffington Post should induce a decisive intervention. That will still leave the mountains transacted in cash, but that is a story for another day.

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