Electoral Bonds "A Transparent Funding or Concern in Indian Politics"
23 March 2024 | 12:03 pm
Highlights
- What are the Issues related to the Electoral Bonds?
- The data on the Electoral bonds was published on 14th March 2024. It is now available on the Election commission’s website and anyone can access it.
- As a voter I have the complete right to know how much assets and capital a political party has and how it is used in the election process.
- For Anonymity - Right to Information overrides the Right to privacy and hence the electoral bond scheme was declared unconstitutional by the Supreme Court
The electoral bonds scheme: The scheme was introduced in 2017 by the then Finance Minister Sh. Arun Jaitley. These were introduced through The Finance Bill 2017-18 and were classified as a Money Bill, Thus exempted from the compulsory requirement of being passed in the Upper House ( Rajya Sabha).
The Finance Minister also proposed to amend the RBI Act for the issue of electoral bonds and their political funding.
It allowed industries, corporate groups, and individuals to fund and donate money to any political party. The amount may be any or unlimited amount and it is done anonymously i.e. the name and identity of the individual or corporate group will not be disclosed with anyone not even with The Election Commission of India.
Features
· Interest-free, Promissory Note.
· Donations from individuals and corporate groups.
· Anonymity.
· Redeemed within 15 days of issuance.
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All Comments (1)
This article is full of critical and eye-opening information.Kudos, Sir.