Electoral bonds not a cure-all : CEC

New Delhi: Electoral bonds will not solve all problems pertaining to transparency in political funding, CEC A K Joti has said, but hoped it would be a step in the “right direction”.
Electoral bonds, which were introduced by the government to make funding to political parties transparent, will allow a political donor to purchase bonds from authorised banks and can be redeemed by parties only through registered accounts in a prescribed time frame.
“There will be a banking trail of the donations which will be made. That is one step in the right direction. I have not said it will solve all the problems…Let it (bonds) be rolled out..,” he said, when asked if the usage of these bonds will address issues pertaining to transparency in funding of political parties.
Responding to questions at a press conference on the possible use of electoral bonds by people to fund parties during the upcoming Assembly polls in Meghalaya, Tripura and Nagaland, the CEC said the bonds will “definitely” be used as the finance ministry has already notified their availability.
Joti’s remarks come nearly eight months after the EC had told a parliamentary committee that electoral bonds introduced by the government is a “retrograde” step. Asked what has changed, as the commission had earlier expressed reservations on the issuance of electoral bonds, Joti maintained, “nothing has changed”. (PTI)