Union Finance Minister Nirmala Sitharaman on Friday questioned the reliability of previous systems as the data from the State Bank of India, disclosed by the Election Commission (EC), showed that at least 14 of the top 30 companies that bought electoral bonds had been subject to action by central or state probe agencies. Speaking at India Today's conclave, she dismissed suggestions of connections between raids by investigative agencies and electoral bonds as mere "assumptions".
In response to the link between ED raids and electoral bonds, the finance minister stated: "I believe you've made significant assumptions, suggesting that the money was donated after the Enforcement Directorate raid."
She stated that even after the funds were contributed to the party, the agencies still proceeded with their investigations.
"What if the companies gave the money, and after that, we still went and knocked at their doors through the Enforcement Directorate? That's an assumption that the ED went and knocked at their doors, they wanted to save themselves, and therefore they came up with the funds," the Finance Minister was quoted as saying by India Today in its report.
She added: "Another presumption is that can we be certain that they donated to the BJP? They may have donated to regional parties."
Due to this lack of clarity, the Supreme Court on Friday asked SBI to provide the details on the Electoral Bonds with the unique number that would link the donations with the specific political parties.
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She stated that the centre has fulfilled its obligations and SBI has released the data on the electoral bonds as per the directives issued by the Supreme Court.
"The case is still in court, the verdict has come and the State Bank of India will submit what it has to," Sitharaman was quoted as saying by India Today in its report.
Sitharaman also questioned the authenticity of the systems under the previous governments. "But, were the earlier systems 100 per cent perfect?" the Finance Minister asked.
"Let's remember what my predecessor (former Finance Minister Arun Jaitley) said when he introduced these electoral bonds, 'this is an improvement over the previous systems as the money is going from people's accounts to the party's account'," she stated.
"It's not flawless, but we have transitioned from a system where there was a free-for-all," the Finance Minister remarked, adding: "A system which was not perfect, from a system which was completely imperfect, was brought in."