New Delhi: In a major electoral funding reform, finance minister Arun Jaitley announced on Wednesday that a political party could get a maximum of Rs 2,000 in cash from an individual as a donation. Parties can otherwise accept donations by cheque and digital modes.
At present, parties must keep a list of donors who give more than Rs 20,000 by cash or cheque. But many parties don’t give a full list of donors, claiming most donations are below Rs 20,000.
Mr Jaitley said the RBI Act would be amended to enable the issuance of electoral bonds, full details of which will be notified later.
“Under this scheme, a donor could purchase bonds from authorised banks against cheques and digital payments only. They shall be redeemable only in the designated account of a registered political party,” he added.
The finance minister said this reform will bring greater transparency and accountability in political funding, while preventing the accumulation of black money in the future.
