Union Home Minister Amit Shah stated that the influence of black money is expected to rise during the current Lok Sabha elections due to the Supreme Court's decision to eliminate the electoral bond scheme. He emphasized the need for all involved parties to discuss and determine an alternative funding method for political purposes. Shah mentioned that Parliament should engage in deliberations to establish an alternative mechanism for financing political parties.
The electoral bond scheme, which permitted donors to contribute to political organizations anonymously by purchasing bonds from the SBI, was eliminated at a critical juncture. The Supreme Court had invalidated the scheme in February, just a month before the Lok Sabha elections were announced. Shah expressed his belief that the elimination of the electoral bond scheme may lead to an upsurge in the influence of black money in election campaigns and politics.
He highlighted the significance of transparent financial reporting by political parties, particularly distinguishing between cash and cheque donations. Shah stressed the necessity of identifying an alternative solution if the proliferation of black money becomes more pronounced, urging for a through parliamentary debate on the matter.