{"id":5088,"date":"2019-12-04T20:19:58","date_gmt":"2019-12-04T14:49:58","guid":{"rendered":"https:\/\/triumphias.com\/blog\/?p=5088"},"modified":"2019-12-04T20:19:58","modified_gmt":"2019-12-04T14:49:58","slug":"challenges-of-electoral-bonds","status":"publish","type":"post","link":"https:\/\/triumphias.com\/blog\/challenges-of-electoral-bonds\/","title":{"rendered":"Challenges of Electoral bonds"},"content":{"rendered":"<p><strong>Relevance: Mains: G.S paper II: Governance<\/strong><\/p>\n<p><strong>Context:<\/strong><\/p>\n<ul>\n<li>Raging debate on electoral bonds in India by National Democratic Alliance (NDA) government under Prime Minister Narendra Modi introduce the process of using electoral bonds for political funding.<\/li>\n<\/ul>\n<p><strong>About Electoral bonds:<\/strong><\/p>\n<ul>\n<li>Electoral bonds were introduced to stop cash funding of political parties because most political parties were taking large donations in the form of cash.<br \/>\n\u2022 Some political parties were using the method to get almost 100% political funding in cash, which was then deposited in bank accounts in denominations of less than \u20b920,000.<\/li>\n<\/ul>\n<p><strong>Raising questions behind introducing the Electoral bonds:<\/strong><\/p>\n<ul>\n<li>At a time when the whole nation was making a transition to a cashless or a less-cash economy.<br \/>\n\u2022 How can we expect people to follow the transition to a new economy, while political parties continue to accept cash donations?<br \/>\n\u2022 While introducing electoral bonds, the individual donations or cash donation to any political parties have been reduced from \u20b920,000 to \u20b92,000, in a way making it difficult for political parties to receive cash funding.<\/li>\n<\/ul>\n<p><strong>Definition of Electoral bonds:<\/strong><\/p>\n<ul>\n<li>Electoral bonds are a transparent and a legal instrument.<br \/>\n\u2022 Here a donor has to purchase these electoral bonds from select branches of the State Bank of India (SBI) through a KYC bank account for electoral bonds.<br \/>\n\u2022 This system has ensured that cash cannot be used to purchase electoral bonds and cash cannot be donated to political parties in higher amount.<\/li>\n<\/ul>\n<p><strong>Objectives:<\/strong><\/p>\n<ul>\n<li>The question being raised is that electoral bonds are anonymous, but the real purpose of these electoral bonds is to ensure clean money and tax paid money comes into political parties and not some slush funds or corrupt money.<br \/>\n\u2022 Corporates in the country have generally been averse to funding political parties in a manner that reveals their identity.<br \/>\n\u2022 This is a behavioural problem of India\u2019s corporate, and political parties cannot really change it.<\/li>\n<\/ul>\n<p><strong>Raising questions and solutions:<\/strong><\/p>\n<ul>\n<li>Ideally, we should have had a system where every donation is identified to a donor, but when donors are not prepared to reveal their identities, how does one get over the problem?<br \/>\n\u2022 If political parties want money to carry on their day-to-day activities and contest elections, moving towards state funding of political parties and elections is also a possibility.<br \/>\n\u2022 Money has to come from donors if not state funding.<br \/>\n\u2022 The question is should public money be given to political parties?<br \/>\n\u2022 Public approval will be needed for such a move.<br \/>\n\u2022 Electoral bonds are certainly a solution that helps us to overcome the challenges of preventing corrupt black money getting into the system.<\/li>\n<\/ul>\n<p><strong>Conclusion:<\/strong><\/p>\n<ul>\n<li>To overcoming corporate inhibitions to offer transparent donations disclosing their identity.<br \/>\n\u2022 Bulk of the electoral bonds have gone to Bharatiya Janata Party (BJP) in the past 1-2 years because most of the support is for the BJP.<br \/>\n\u2022 The party, along with its allies, has 70-75% seats in the Lok Sabha, so obviously, the party will get greater share of the funds.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Relevance: Mains: G.S paper II: Governance Context: Raging debate on electoral bonds in India by National Democratic Alliance (NDA) government<\/p>\n","protected":false},"author":1,"featured_media":3530,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[123,18],"tags":[392],"class_list":["post-5088","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-current-affairs","category-general-studies-ii","tag-union-public-service-commission-upsc"],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/triumphias.com\/blog\/wp-json\/wp\/v2\/posts\/5088","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/triumphias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/triumphias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/triumphias.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/triumphias.com\/blog\/wp-json\/wp\/v2\/comments?post=5088"}],"version-history":[{"count":1,"href":"https:\/\/triumphias.com\/blog\/wp-json\/wp\/v2\/posts\/5088\/revisions"}],"predecessor-version":[{"id":5089,"href":"https:\/\/triumphias.com\/blog\/wp-json\/wp\/v2\/posts\/5088\/revisions\/5089"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/triumphias.com\/blog\/wp-json\/wp\/v2\/media\/3530"}],"wp:attachment":[{"href":"https:\/\/triumphias.com\/blog\/wp-json\/wp\/v2\/media?parent=5088"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/triumphias.com\/blog\/wp-json\/wp\/v2\/categories?post=5088"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/triumphias.com\/blog\/wp-json\/wp\/v2\/tags?post=5088"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}