Modi defends electoral bonds scheme

New Delhi: Prime Minister Narendra Modi on Monday said that everyone will regret the decision of the Supreme Court to scrap the electoral bonds scheme, as the policy was providing crucial information about the trail of the money, and all the stakeholders involved in the political funding.

Modi’s remarks came two months after the Supreme Court struck down the electoral bonds scheme, declaring it “unconstitutional.”

“Due to electoral bonds, you are getting the trail of the money. Which company gave it? How did they give it? Where did they give it? And that is why I say when they (opposition) will think honestly, everyone will regret it,” Modi said in an interview to a news agency.

Modi strongly refuted the allegations that raids by central probe agencies like ED and CBI were used to ensure political donations to BJP through electoral bonds and accused the Opposition of spreading lies.

“In all 3000 companies had made political donations through electoral bonds. Out of these, there were 26 firms that were raided by the central probe agencies like CBI and ED. Only 16 of these 26 firms had made political donations around the time they were raided,” Modi said.

“I agree this can lead to talks of linking political donation to raids. But consider this fact. Only 37% of money given by these 16 firms was for the BJP while the rest 63% went to the opposition parties. If there was merit in opposition’s allegations why would these firms pay 63% to them,” Modi said.

“Do you think ED will conduct raids for the donations to go to the Opposition? Will the BJP do this? The goal of the Opposition is to keep levelling allegations and run away,” he said.

Modi reiterated that Opposition parties will one day regret the scrapping of electoral bonds. “The fact that we are getting the money trail of political funding is the success story of electoral bonds,” PM Modi said and added “there is a lot of scope for improvement.”

“It is due to electoral bonds you are getting the trail of money. Which company gave it? How did they give it? Where did they give it? And that is why I say when they (opposition) will think honestly, everyone will regret it (on the Supreme Court decision to scrap electoral bonds),” the PM said.