PM Modi defends electoral bond scheme, says it was brought to tackle black money

Prime Minister Narendra Modi defended the controversial electoral bonds scheme, saying it was brought to deal with the use of black money in elections while accusing Opposition parties of spreading misinformation about the scheme. 

In an interview with news agency ANI on Monday, PM Modi said that critics of the scheme would regret the decision of scrapping it.

“How can our elections be free from this black money? How can there be transparency? I had an honest and pure thought. We were looking for a way. We found a small way,” said Modi.

The electoral bond scheme was scrapped by the Supreme Court last month, saying it was unconstitutional and had asked SBI to furnish all the data to Election Commission. Despite the apex court's decision, PM Modi has shown his support for the scheme, emphasising its role in promoting transparency and accountability in political funding.

Modi also warned that scrapping it will push the country towards "black money" during elections.

“In decision-making, we learn and improve… But today we have completely pushed the country towards black money. And that is why I said everyone will regret it. When they think honestly, everyone will regret it,” he said.
“If there were no electoral bonds, then how are you getting a trail of money? Which company gave it? How did they give it? Where did they give it? Now, it could be a matter of good or bad…In decision-making, we learn and improve. It is possible to improve in this too,” he said defending the scheme.

He talked about the secrecy surrounding political donations and stated that they provided a mechanism to trace the flow of funds stressing the importance of electoral bonds in enabling donors to contribute without fear of reprisal.

"I remember in the 90s, Bharatiya Janata Party (BJP) faced a lot of problems; there was no money as we had this rule. Those wanting to give did not have courage to do so...I was aware of all this.... now see, if there was no electoral bond, which system has power to find out how the money came and where it went," Modi said.
He further responded to allegations of wrongdoing and highlighted the actions taken against companies involved in the scheme, including raids by probe agencies such as the Enforcement Directorate (ED).

He lashed out at Opposition for spreading lies and noted that out of 26 companies that from faced action from probe agencies, 16 companies had donated to BJP, which made up only 37 per cent of the total donation amount. The remaining 63 per cent was directed towards Opposition parties.

"63 per cent of this amount went to the Opposition and you are making allegations against us. Their goal is to keep skirting around and run away," he stated.

In the 78-minute long interview, Modi also spoke about his vision for a developed India, young people, and especially taxpayers, highlighting that the number of people filing income-tax returns had doubled in the last decade. 

“Why is this happening? It is because of trust, that the money the person is giving is being used in the right place. For the sake of development, not for theft and looting,” he said.