Electoral bonds are crony capitalism of highest order, Violates Constitution: Yechury

New Delhi, Feb 3: Communist Party of India (Marxist) General Secretary Sitaram Yechury on Saturday said the idea of electoral bonds are nothing but crony capitalism of the highest order and it violates the constitution.

His remarks came a day after the Supreme Court issued a notice to the central government after hearing a petition filed by Yechury challenging introduction of electoral bonds in elections.

Speaking about the plea, he said it has to be repealed and this is what we have appealed to the apex court.

CPMI leader further stated ” Situation must change as due to monetary pressure no small party can contest elections. Rates are so high that people come to us and say, ‘Comrade Ji why are elections held every 5 yrs? They must be held each year.’

“It is beneficial for those who get money from political parties” he added.

Earlier, he had described electoral bonds as “regressive” and pitched for state funding of political parties and a ban on flow of corporate funds directly to them.

Read More…….Electoral bonds ‘regressive’, ensure state funding of parties: Yechury

In a letter to Finance Minister Arun Jaitley, Yechury demanded a rollback of policies vis-a-vis electoral bonds including retrospective amendment to the Foreign Contribution (Regulation) Act (FCRA) to allow indirect political funding by foreign companies and lifting of maximum limit on corporate contributions to political parties.

“Contesting elections is now akin to a business enterprise, possible only for the wealthy. This needs stringent reform. At the outset, a good move will be to ban availability of corporate funds to political parties,” the Communist Party of India-Marxist (CPI-M) leader said.

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