Madhav AgarwalAIR 16 · CSE 2024 · 189 wordsTheir whole copy
Opening · a definition
Electoral Bonds are bearer instruments issued for political funding by banks. They were brought to reform opaque political funding, yet have had only limited impact on ground.
Body · points
Reform High on intent:
- Digital trail of donations can be maintained for the donations.
- Prevent victimization of the donor by other political parties.
- Reduce role of cash based donations in funding.
- Reducing role of dummy firm through KYC (know your customer) based donations.
- Limited dates for donations = 10-15 days every quarter and before elections.
- Reduce muscle power and criminalisation of politics through transparency by election body (ECI).
Yet found low on substance :
- Data sharing issues :- between the State Bank of India and ECI.
- Hampered the 'right to know' of citizens to check crony capitalism.
- Limits on corporate donations removed completely.
- Relaxed reporting norms for the political parties to report donations.
- Majority donations cornered by ruling party.
- Denial of Electoral Bonds to party with less than 1% vote shares.
Making Electoral Bonds better
-> Regular reporting of donations to ECI by SBI as directed by Supreme Court
-> Check funding from dummy and shell companies
-> Stricter penalties for non-reporting of donations by parties
Close · a way forward
Electoral Bonds can usher a clean and transparent funding of elections with few legislative or judicial interventions.