New Delhi, 27 March

Finance Minister Nirmala Sitharaman on Wednesday said all major political parties have encashed electoral bonds and nobody has a moral authority to say anything as it was legal and according to law. She also said in view of the Supreme Court's judgement against electoral bonds, more debate is needed to come out with a better system for electoral funding.

Replying to a question at Times Now Summit here, the minister said the law, which has now been quashed by the apex court, was passed by Parliament and the bonds were purchased as per the prevailing law at that time. "It was passed by Parliament and based on the law, bonds have bought and encashed by all parties but one... Everyone has received from everybody, every donor has given everybody.

"The very party which now says well this is a scam, this is a scandal, had also taken money through the bonds. Tell me what moral authority anyone has to speak because it was the law then... it went lawfully. It was a step better than what prevailed earlier," Sitharaman said.

On what the new government can do in this regard, she said there is a need to understand how to better the system, which has been rejected now. The system of electoral bonds was still better than the previous system, "which is what we've gone back to now. We need to do something better, but a lot more work is required", she added.

Last month, a five-judge apex court bench, headed by Chief Justice of India D Y Chandrachud, said the electoral bonds scheme violates the right to information and the freedom of speech and expression under the Constitution.

She also rebutted the allegations of connections between ED (directorate of enforcement) raids and bond purchases, stating the raids have happened even on those companies that donated to the BJP through electoral bonds. "ED raids still happen, it did not give them (companies) any immunity," she added.

The minister added that the law enforcement agencies are not acting with any political agenda as law pursues those who disobey it. "Stop making political arguments over them," Sitharaman said.

On why the BJP is welcoming tainted politicians, she said the "doors are open for all". "If people see work happening... and a party is making a difference, they obviously would want to come and join. But the BJP has value systems and the way in which the party runs under certain leadership. I don't think there is ever a compromise on that," Sitharaman said.