Finance Ministry dismissed RBI’s warning on electoral bonds: report

The Reserve Bank of India had warned the government on the perils of electoral bonds and its effect on the country’s currency just before its announcement on Budget 2017. However, the Finance Ministry overlooked it stating the apex bank had not “understood the proposed mechanism”. According to a report by HuffPost India, four days before Budget 2017, a senior tax official flagged an issue with electoral bonds the government was planning to announce. He wrote to his superiors in the finance ministry. The report states that on the same day…

Read More