New Delhi: The electoral bonds mechanism is a significant step up in transparency over the current system and the government is open to implications to further purify of political funding, Finance Minister Arun Jaitley asserted on Sunday.

Jaitley said that the conservative practice of funding the political system was to get donations as well as undertake expenditures in cash.

The sources are unidentified or fake. The quantum of money was never released and the system ensured contaminated money coming from unrecognized sources.

Jaitaly from his facebook wall  said "It is a wholly non-transparent system. Most political groups seem fairly satisfied with the present arrangement and would not mind this status-quo to continue.

"The effort, therefore, is to run down any alternative system which is devised to cleanse up the political funding mechanism," Jaitley said.

Last week the finance minister had declared the outlines of the electoral bonds, which will be put on the market by nation’s latest lender SBI and will give tenure of just 15 days.

The bonds are being led as a substitute to cash donations made to political parties.

Jaitley said the choice has now to be "consciously" made between the presented system of extensive cash donations connecting polluted money and other transparent options like cheque, online transactions or electoral bonds.

"While all three methods involve clean money, the first two are totally transparent and the electoral bonds scheme is a substantial improvement in transparency over the present system of no-transparency,” FM further said.

"The government is willing to consider all suggestions to further strengthen the cleansing of political funding in India. It has to be borne in mind that impractical suggestions will not improve the cash denominated system. They would only consolidate it," Jaitley wrote in his post.

Arun said India, despite being the largest democracy in the world, has not been able to evolve a transparent political funding system in the last seven decades.

"The round the year functioning of the political parties involves a large expenditure...These expenditures run into hundreds of crores. Yet there has not been a transparent funding mechanism of the political system," Jaitley wrote.