'Everyone will regret': PM Modi over scrapping of Electoral Bonds scheme

Prime Minister Narendra Modi in an interview with news agency ANI on Monday acknowledged that decisions can have flaws and criticized Opposition parties for allegedly misleading the public about the electoral bonds scheme, which the Supreme Court has invalidated.

Emphasizing that the scheme intended to reduce illicit funds in elections, he said: "Everyone will regret it when there is an honest reflection".

Modi highlighted that the electoral bonds were a step towards transparency, revealing donors to political parties. He admitted the scheme is not perfect but argued it represents progress in combating election-related corruption. He noted that during its implementation, a significant portion of donations went to Opposition parties, countering accusations of bias.

He said of the 16 companies who gave donations after action by probe agencies, only 37 percent of the amount went to the BJP and 63 percent to Opposition parties opposed to the BJP.

The Prime Minister recalled the Parliamentary debate on the scheme and the previous support from some current critics. He also mentioned the demonetization of high-value currency notes as another measure against black money.

He referred to the government's decision to disband Rs 1,000 and Rs 2,000 denomination currency notes as part of its efforts to tackle black money. "These notes were moved in large quantities during the elections. We took the step so that black money ends", PM Modi said.

The Prime Minister said political parties were earlier allowed cash donations up to Rs 20,000 and he changed it to Rs 2500 as he did not want "this cash business" to go on.

He said BJP had earlier decided to take all political donations by cheques but business people came and said they could not pay through this mode as the government would get to know how much they had contributed to a political party and would "trouble them". He said the businessmen conveyed that they are ready to give donations but not through cheques.