New Delhi: BJP president Amit Shah on Tuesday said the government's move to notify a scheme of electoral bonds would pave the way to clean the system, curb black money and bring transparency in political funding in the country.

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The scheme will help keep check on corruption in the name of political funding, Shah said in a statement after the government outlined contours of the new electoral bonds in Parliament.

Under the scheme, the bonds, pitched as an alternative to cash donations made to political parties, can be bought in multiples of Rs 1,000, Rs 10,000, Rs 1 lakh, Rs 10 lakh and Rs 1 crore from specified branches of the State Bank of India. Receiving political parties can encash the bonds only through a designated bank account.

The government had announced in the last year's budget session that it would initiate the scheme.

The BJP President said it proved that the NDA government "believes in doing, not just saying" and the announcement in Parliament by Finance Minister Arun Jaitley was a follow up action on the promise the government had made in its bid to cleanse the country's political system.