In his first response since the electoral bond scheme was struck down by the Supreme Court, Prime Minister Narendra Modi said that those "dancing and taking pride" over the scrapping of the electoral bond scheme will soon repent it.

During an exclusive interview with a Tamil TV channel, PM Modi dismissed the notion that the court's decision was a setback for his government, emphasizing the imperfections of any system and the potential for improvement.

"Tell me, what have we done that I should see it as a setback? I firmly believe that those celebrating over it (bond details) and taking pride in it are going to repent," he told Thanthi TV.

He also highlighted that the electoral bond facilitated a system wherein the funding source and its beneficiaries were traceable.

"If a trail is available today, it is because of the presence of bonds," the PM said, further questioning whether any agency could disclose the sources of funding and their beneficiaries for the elections before 2014.

Congress leader Rahul Gandhi, meanwhile, lambasted the scheme during a rally in Thane, Maharashtra, alleging its misuse to undermine opposition governments and sow discord within political parties. He disputed any correlation between contracts awarded by Congress governments and the procurement of electoral bonds.

The controversy surrounding electoral bonds intensified after the Election Commission (EC) released data, as per the directives of the Supreme Court, revealing the staggering figures involved. The EC's disclosure included details of electoral bonds worth a whopping Rs 12,155 crore purchased from the State Bank of India between April 12, 2019, and January 24 this year. Moreover, the list unveiled bonds deposited by parties in their accounts amounting to a staggering Rs 12,769 crore during the same period.

The data highlighted a significant bias, with the BJP emerging as the primary beneficiary, receiving a substantial Rs 6,061 crore, nearly half of the total contributions via electoral bonds. Following closely, the Trinamool Congress (TMC) secured Rs 1,610 crore, underscoring the partisan nature of the donations. Notably, parties holding power in various states featured prominently on the list, further fueling speculation regarding the nexus between electoral bonds and governance.

Further complicating matters, it was revealed that several firms under criminal investigation were among the significant buyers of electoral bonds.