The Centre has notified issue of interest-free electoral bonds for political parties who wish to take donations during elections. Finance Minister Arun Jaitley has taken this welcome step to ensure transparency in political donations. All political parties should welcome this step, because there seems to be a popular perception that most of the political parties take huge amounts of black money from vested interests during elections.
In the last 70 years of independence, political parties had been taking donations from corporates and individuals, and most of the money was unaccounted.
With the launch of electoral bonds, KYC (know your customer) details will have to be filled up by the donor, they the individual or company may prefer to remain anonymous. This step will go a long way towards ensuring a clean, free and fair election.
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