Unveiling the Impact of Electoral Bonds on Ensuring Free and Fair Elections: A Comprehensive Analysis
Features of Electoral Bonds:
– The Electoral Bond operates as a hybrid between a promissory note and a banknote, offering an interest-free instrument that can be redeemed by the bearer upon demand.
– Available for purchase through specified branches of the State Bank of India, these bonds come in predetermined period of time in multiples of Rs. 1000, Rs. 10,000, Rs. 1 Lakh, Rs. 10 lakh & Rs. 1 crore.
– To ensure transparency, the government has stipulated that Electoral Bonds will be sold for a period of ten days at the beginning of each quarter.
– Notably, these bonds do not bear the name of the donor, thereby safeguarding their privacy. Only registered political parties, as defined under Section 29A of the Representation of the People Act, 1951, are eligible to receive Electoral Bonds.
**Concerns over Electoral Bonds:**
– Despite the intentions behind the Electoral Bond Scheme, several concerns have been raised regarding its potential impact on the electoral process.
– Critics argue that the anonymity afforded to donors undermines the public’s right to know about the sources of political funding.
– The lack of disclosure requirements for both donors and political parties raises questions about accountability and transparency.
– By shielding the identities of donors, Electoral Bonds obscure crucial information about the funding of political campaigns, thereby challenging the principles of free and impartial elections.
– Moreover, the asymmetry of information, wherein the government can access donor information through the State Bank of India, further exacerbates concerns about transparency and fairness.
Supreme Court Intervention:
– The debate surrounding Electoral Bonds reached a crescendo when the Supreme Court intervened, delivering a landmark verdict on February 15, 2024.
– In a significant ruling, the Court held that anonymous Electoral Bonds are violation of the Right to Information under Article 19(1)(a) of the Constitution, declaring the scheme unconstitutional.
– As a result, the Court directed the State Bank of India to disclose all information pertaining to Electoral Bonds to the Election Commission, with subsequent publication for public scrutiny.
Observations Post Information Disclosure:
– Following the disclosure of Electoral Bond information by the State Bank of India, a clearer picture emerged regarding the flow of funds from various entities to political parties.
– Analysis revealed that ruling political parties received a disproportionately higher number of Electoral Bond funds compared to opposition parties.
– Furthermore, scrutiny of bond purchasers highlighted the involvement of diverse entities such as gambling organizations, pharmaceutical companies, and network providers, raising suspicions of potential money laundering and illicit financial transactions.
Way Forward:
– In light of the challenges posed by Electoral Bonds, several recommendations have been proposed to safeguard the integrity of the electoral process.
– Embracing digital transactions could offer a swift solution to enhance transparency and accountability in political funding.
– Suggestions for state-funded election financing, as advocated by the Second Administrative Reforms Commission and the Dinesh Goswami Committee, warrant serious consideration.
– Strengthening the Right to Information Act to include political parties would foster greater transparency and serve as a check on undue influence.
– According to former chief Election Commissioner S.Y. Quraishi, a National Electoral fund that accepts donations from all contributors is an alternative method.
– Then the Money would be distributed to Political Parties in accordance with the number of votes they receive. This will safeguard contributor’s privacy and eliminate dark money from Political Donations.
– Voters must now become self- aware and disavow / deny politicians and Parties that flout the fundamentals of free and fair Elections in order to hold the govt. more accountable.
In conclusion, while the Electoral Bond Scheme was conceived with the noble intention of reforming political funding, its implementation has raised significant concerns about transparency, accountability, and the integrity of the electoral process. Moving forward, concerted efforts are needed to address these challenges and uphold the foundational principles of democracy.
Source of Information: The website you mentioned, https://www.eci.gov.in/disclosure-of-electoral-bonds , appears to be the official website of the Election Commission of India (ECI) regarding the disclosure of electoral bonds. This website likely contains information, updates, and disclosures related to electoral bonds in India, as managed and provided by the Election Commission.
For the most accurate and up-to-date information on electoral bonds and their disclosures in India, I recommend visiting the website directly.
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