Govt finalising electoral bonds scheme: FM

New Delhi: Finance Minister Arun Jaitley on Thursday said the government is finalising electoral bonds scheme, a move aimed at cleaning up political funding.

"I have already announced this year and I am keen to implement it. It is in final stages. How do we legitimise political funding in India so that the underground funding itself comes to an end and an alternate mechanism is set in," he said at the book release titled 'India@70 Modi@3.5'.

As per the electoral bond mechanism announced in the budget, the proposed bonds will resemble a promissory note and not an interest-paying debt instrument.

They will be sold by authorised banks and can be deposited in notified accounts of political parties within the duration of their validity.

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.

Finance Minister Arun Jaitley also said that the government is trying to maintain a balance between accelerating the pace of economy and taking care of the needs of the poor.