Electoral bonds are legalised political corruption: CPI(M)

The CPI(M) on Friday hit out at the government over the issue of electoral bonds and described it as "legalised political corruption". The issue of electoral bonds has snowballed into a political flashpoint following reports that the Reserve Bank of India and the Election Commission had reservations against them, but were overruled by the Modi government.

"Scrap electoral bonds. These are legalised political corruption and were also used for horse-trading by flouting rules under directions of PM Modi. Whenever BJP needed money these bonds were permitted to be issued flouting its own laid down rules," CPI(M) general secretary Sitaram Yechury said on Twitter. In a statement, the Left party, quoting a news report, said the recent exposures on "how the electoral bond scheme was a route to finance the ruling party" has once again established that such legalisation of political corruption must end.

"The PMO has been directing the Finance Ministry to instruct the State Bank of India to flout the ministry's own laid down rules to permit the realisation of expired bonds to facilitate its horse-trading in the post Karnataka assembly election situation that resulted in a hung assembly. "In the interests of Indian democracy and the sanctity of our election process, these electoral bonds must be scrapped immediately," it said.

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