As per rules now, only a candidates' expenditure is monitored by the poll watchdog but there is no overall monitoring of expenditure of political parties during election, CPI(M) Secretary General Sitaram Yechury told a press conference here.
Referring to the recent elections, he said what happened in Goa and Manipur were "latest examples of misuse of money power".
He also sought total ban on corporate funding of political parties. "Let the corporate funds go to the EC corpus," he said.
The paper trailing system was started earlier in a limited way but the Modi government stopped its funding, Yechury claimed.
The BSP and the AAP have alleged manipulation of EVMs during the recently held assembly elections.
"There should be a paper trail to the EVM voting system. Papers has to be deposited in a box after the voting and it would be allowed to open in case of dispute," he added.