- Electoral Bond Scheme 2018 : on 02nd January 2018 Government of India release the scheme citizens of India or incorporated or established in India can buy Electoral Bonds, either singly or jointly with other individuals.
Only the Political Parties
- Registered under Section 29B of the Representatives of People’s Act, 1951.
- Shall secure not less than one per cent of the votes polled in the last General Election to the House of the People or the Legislative Assembly of the State.
- Shall encash only through a Bank account with the Authorized Bank (State Bank of India).
- shall be valid for fifteen calendar days from the date of issue and no payment shall be made to any payee
- The Supreme Court ,The Bench of Chief Justice of India Ranjan Gogia on 12th April directed all the political parties to submit the details to Election Commission of donations received through the Electoral bond scheme by 30th May.
- The details should include the name of the donors and the amount received till date by them .
- The Supreme Court said that it will examine the laws with regard to the electoral bond scheme to make necessary changes if required for free and fair elections.
- The finance ministry is also asked to make changes in purchasing period that is from 10 days to 5 days in April- May.
The purpose or pros of Electoral Bond Scheme:
- It will Increase Transparency.The Political Parties will not be able to receive more than Rs.2000 per donation in cash. Any above amount will be donated through bonds.
- It will protect political donor from “Political Victimisation”.
- It will be another step towards Digital India. The cashless Transactions would ensure another step in progress of digital India.
- Tax Preview: efficient tax collection. The tax would be imposed on donors, and recipient parties will be exempted.
The following are the criticisms :
- Anonymous funding might lead to pumping of balck money in political campaigns during forthcoming elections.
- The voters will have no idea of how, and through whom, a political party has been funded.
- The transparency objective diminishes.
- ECI is left with no way to determine whether the donations have been received from authorised legal sources or not.
- The removal of foreign Election funding allows foreign companies to pump huge amount of donations via Indian companies which would Significantly increase foreign intervention in Indian Elections.