Prime Minister Narendra Modi has said that the country had been pushed towards black money in elections after the Supreme Court scrapped the electoral bonds scheme.

“In decision-making, we learn and improve. It is very possible to improve in this too. But today, we have completely pushed the country towards black money. And that is why I say everyone will regret it. When they think honestly, everyone will regret it,” PM Modi said on the electoral bond scheme.

He was speaking in an interview with ANI televised on Monday.

“There has been a discussion in our country for a long time… that black money allows for dangerous games to be played during elections. No one denies that money is spent in elections… My party also spends… All parties and all candidates spend, and this money is taken from the people. I wanted to try something… How can our elections be free from this black money? How can there be transparency for people giving donations? This was a pure thought in my mind,” he further said.

“We were looking for a way. We found a small way… never claimed this was absolute,” the PM added.

The electoral bond scheme was struck down as unconstitutional by the Supreme Court in February this year

The PM maintained that the money trail in electoral bonds has come out because of that system. “This is the success story of electoral bonds. There were electoral bonds… so you are getting a (money) trail of which company gave, how much, where. If there were no electoral bonds, how would they have found the details? Whether what happened was good or bad can be an issue of debate,” he said.

Modi said there were 16 companies which bought electoral bonds after facing money laundering cases but 63% of that amount went to parties other than the BJP. “Only 37% came to the BJP… 63% went to them… and you are making allegations against us?” the PM asked.