The system of cash donation has to change and people despite knowing the "truth" are "reluctant" to offer their suggestions on the electoral bonds, Finance Minister Arun Jaitley said.
"Therefore, if suggestions don't come and consensus eludes us, then the government of the day can't run away from its responsibility. It will have to announce its decision which will then become the law of he land," he said in his address at the Income Tax Day event here.
"I think in the changing India today, there is going to be a large section of opinion which is going to support this," he said.
Jaitley has already asked political parties to offer a better suggestion on the proposed electoral bond mechanism, but he had not received any suggestion till last week.
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He had said that for last 70 years India's democracy has been funded by invisible money and elected representatives, governments, political parties, Parliament and even the Election Commission have completely failed in checking it and the electoral bonds would help to deal with it.
The bonds will not carry the name of the donor and routing of the money through banks will ensure that only tax paid money comes into the political system.
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