Electoral Bonds scrapped, what's next? FM Nirmala Sitharaman comments over poll bond controversy

In a first reaction over the current Electoral Bonds row, Finance Minister Nirmala Sitharaman today said that the whole Electoral Bond narrative is being built on assumptions. Was the earlier system prior to Electoral Bonds 100% perfect? Sitharaman asked. Speaking at India Today Conclave, FM, however, said that the electoral bond system may not have been perfect, but lessons will be learnt from the Supreme Court Judgement to bring a more transparent system, whenever it will be framed.

What FM Sitharaman said on future on political funding?

"The electoral bond system may not be perfect. We must take lessons from the Supreme Court judgement on electoral bonds. There may or may not be a new law around this, I’m not commenting. Will make efforts to make the process more transparent," Sitharaman said.

Electoral Bonds System was not perfect by the earlier system prior to that was 100% imperfect: FM

Questioning the system before electoral bonds, she said that, unlike earlier system, money was routed through bank accounts under electoral bond system. So now we have fallen back from a system which is not perfect to a system, which was 100 per cent not perfect.


On Thursday, the Election Commission published data on electoral bonds provided by the State Bank of India (SBI) on its website. Contributors include various entities such as Grasim Industries, Megha Engineering, and Piramal Enterprises. By Supreme Court orders, SBI shared this data on March 12, 2024. The Commission emphasized its commitment to transparency, making the data accessible on its website. SBI submitted a compliance affidavit to the Supreme Court, detailing electoral bond purchases, purchasers, and denominations. These bonds have sparked debate due to their anonymity in political donations. The Supreme Court directed SBI to share comprehensive information with the Election Commission, enhancing transparency and accountability in political funding.