Electoral bonds was brought in as a reform that was high on intent, but has proved to be low on substance. Do you agree? Justify.
Main Body
Electoral Bonds are bearer instruments issued for political funding by banks. They were brought to reform opaque political funding, yet issue had only limited impact on ground. Reform High on intent: (1) Digital trail of donations can be maintained for the donations (2) Prevent victimization of the donor by other political parties. (3) Reduce role of cost based donations in judging. (4) Reducing rule of dummy firm through KYC.
Yet proved low on substance: (1) Data sharing issues - between State Bank of India and ECI. (2) Harmed the 'right to deny' of citizens to select every capitalism. (3) Limits on separate donation remained completely. (4) Released reports were for the political parties covered by ruling party. (5) Majority donations covered by ruling party. (6) Denial of Electoral Bonds: to unity until less than 1% votes shares. Making Electoral Bonds better to ECI by SCT as divided by supreme Court. Check trading from dummy and shell companies. Expanded facilities for non-voting at 15 days every quarter and before election. Reduce muscle power and immunitisation of politics through transparency by election body ECI.
Conclusion
Electoral Bonds can usher a clean and transparent judging of election with law legislative & judicial interventions.
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MADHAV AGARWAL
Electoral Reforms
Electoral Bonds
Analysis of Electoral Bonds as Political Financing Reform
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