Electoral Bonds discussion
Electoral bonds considered by Government will reduce black money use in collection but there is no way of knowing who is funding who. We need to discuss this and may be the localcircles can conduct polls on this...
Electoral Bonds primer:
Electoral bonds are interest-free bearer instruments (like Promissory Notes) that will be available for purchase from the State Bank of India within a designated window of 10 days in every quarter of the financial year. An additional period of a month will be notified in the year of elections to Lok Sabha. “The life of the bond would be only 15 days. (It) can only be encashed in a predeclared account of a political party (which) will have to disclose the amount… to the Election Commission,”
The current system of cash donations from “anonymous or pseudonymous” sources is “wholly non-transparent”, and “the donor, the donee, the quantum of donations and the nature of expenditure are all undisclosed”. The government says the system of Bonds will encourage political donations of “clean money” from individuals, companies, HUF, religious groups, charities, etc. After purchasing the bonds, these entities can hand them to political parties of their choice, which must redeem them within the prescribed time. The idea, the government has said, is to evolve a transparent system of political funding.
According to Govt, “some element of transparency would be introduced in as much as all donors declare in their accounts the amount of bonds that they have purchased and all parties declare the quantum of bonds that they have received”.
But the voting public will not know which individual, company, or organisation has funded which party, and to what extent. At the same time, the fact that the SBI — and by implication, the government — will know who is getting what from whom can open up the possibility of arm twisting or harassment of those seen to be supporting parties or ideologies that are opposed to the government. And this will be possible without the public knowing or being able to see the pattern of such harassment. more
Electoral Bonds primer:
Electoral bonds are interest-free bearer instruments (like Promissory Notes) that will be available for purchase from the State Bank of India within a designated window of 10 days in every quarter of the financial year. An additional period of a month will be notified in the year of elections to Lok Sabha. “The life of the bond would be only 15 days. (It) can only be encashed in a predeclared account of a political party (which) will have to disclose the amount… to the Election Commission,”
The current system of cash donations from “anonymous or pseudonymous” sources is “wholly non-transparent”, and “the donor, the donee, the quantum of donations and the nature of expenditure are all undisclosed”. The government says the system of Bonds will encourage political donations of “clean money” from individuals, companies, HUF, religious groups, charities, etc. After purchasing the bonds, these entities can hand them to political parties of their choice, which must redeem them within the prescribed time. The idea, the government has said, is to evolve a transparent system of political funding.
According to Govt, “some element of transparency would be introduced in as much as all donors declare in their accounts the amount of bonds that they have purchased and all parties declare the quantum of bonds that they have received”.
But the voting public will not know which individual, company, or organisation has funded which party, and to what extent. At the same time, the fact that the SBI — and by implication, the government — will know who is getting what from whom can open up the possibility of arm twisting or harassment of those seen to be supporting parties or ideologies that are opposed to the government. And this will be possible without the public knowing or being able to see the pattern of such harassment. more
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Electoral bonds increase black money & also BLACK MEN !! This electoral bonds in cloak of secrecy is encouraging under hand deals & transactions. It has to be banned. Remove the secrecy. Make the donor list public. It is like someone visiting a prostitute in darkness of night !!! more
Feb 02
It should also be added that the donate can't encashed the money even after expiry of 15 days block period. Funding should not be open to any political party & govt. more
Jan 31
There will be details of the Donor with the Bank and hence its wrong to say the donor details will not be known. The person donating the money will have to either do it from his / her account or Provide PAN details while transacting in any other mode. This change if implemented will help in cleansing the Indian polity as even the details of the Corporates will be known and any favours thereafter could be related to their donations. more
Jan 31
My view is that the. Donation to political parties should be taxed .They loot the the the public money and let them spend the money for election ,altimetebeneficiary are those elected representative, Sothat less number of people will contest the election who are really interested in serving the people,and thereby corruption can be controlled. more
Feb 02
