Despite RBI’s Objection, Modi Govt Made Electoral Bonds Legal

Between 2017-18, of all the donations that came in through electoral bonds, 95 percent were from BJP. As a voter, one would like to know who has given this donation, but it is not possible to know this because the law does not allow it.

So does this law makes our elections and our politics transparent or does it raise doubts? Apparently, it would seem that it raises doubts. Now, it has been revealed that RBI opposed the introduction of electoral bonds but the government did not accept their view.

News website Newslaundry has claimed that just before the budget of 2017, the Reserve Bank of India itself opposed the electoral bonds. But the Modi government, bypassing the objections of the RBI, made the announcement of the electoral bond.

Also Read: Why Did BJP HQ Not File Electoral Bonds Details to EC?

According to the Newslaundry report by Nitin Sethi, just four days before the budget was presented in 2017, a senior tax official wrote a note to his senior officials in the Finance Ministry on 28 January 2017, regarding the electoral bond.

He had said that the Reserve Bank of India Act will have to be amended to make anonymous donations legally valid.

The report goes on to say that though RBI had fully opposed the introduction of electoral bonds, it seemed that top authorities in the government had already made up their mind about electoral bonds.

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