30 November, 2019
Syllabus subtopic: Government policies and interventions for development in various sectors and issues arising out of their design and implementation.
News: A plea has been filed in the Supreme Court seeking a stay on the implementation of the Electoral Bond Scheme, 2018, saying it has opened the floodgates of unlimited corporate donations to political parties and anonymous financing by Indian and foreign companies that can have serious repercussions on democracy.
Prelims and Mains focus: about the electoral bonds scheme, its key features and impact on electoral funding
Arguments made in the plea against Electoral bonds
About Electoral bonds:
Key features: Although called a bond, the banking instrument resembling promissory notes will not carry any interest. The electoral bond, which will be a bearer instrument, will not carry the name of the payee and can be bought for any value, in multiples of Rs 1,000, Rs 10,000, Rs 1 lakh, Rs 10 lakh or Rs 1 crore.
Eligibility: As per provisions of the Scheme, electoral bonds may be purchased by a citizen of India, or entities incorporated or established in India. A person being an individual can buy electoral bonds, either singly or jointly with other individuals. Only the registered Political Parties which have secured not less than one per cent of the votes polled in the last Lok Sabha elections or the State Legislative Assembly are eligible to receive the Electoral Bonds.
Need: The electoral bonds are aimed at rooting out the current system of largely anonymous cash donations made to political parties which lead to the generation of black money in the economy.
How will the Bonds help?
Source: The Hindu
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