Recent Electoral Reforms that has been announced in the Budget would cleanse our Politics with bringing the Transparency. Electoral Bond Real Transparency Scheme act can be called as the Finance Minister Arun Jaitley’s ‘doosra’.
The recent announcement made by the Finance Minister about the electoral reforms is combined with more element of surprise in his budget speech. Mr Jaitley’s statement made Initial reactions ranged from gushing approval. Experts also suggest that the Electoral reforms announcement would cleanse our politics with bringing more transparency. Initial reactions to Mr Jaitley’s speech ranged from flowing to lukewarm approval. Breathless TV Anchors recently announced that this act is one of the most historic to cleanse our polity with attaining more transparency. Mr Jaitley’s proposal to bring the ‘Transparency and Accountability’ is helpful for achieving the political balance in the country.
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What Is Electoral Bond?
As a particular Instrument, which will help to donate money to political parties. There are three major pillars of this scheme, Donor, receiver and RBI. The primary purpose of making this is to bring transparency and accountability in political funding.
- A donor can buy certain amounts of bonds by paying in cheque or digitally for the party of his choice.
- The government has knowledge about the donor and his source of income. But wouldn’t know about the receiver.
- Now Party can redeem the amount from the bank, but wouldn’t know the identity of the donor.
- Party can redeem that bond within the prescribed time limit.
Purpose of the Electoral Bond-
Electoral Bond Real Transparency Scheme would draw national attention from electoral funding reforms made by the Election Commission. First reducing anonymous political donations limit from Rs 20,000 to Rs 2,000 that a political party can receive from one person in a year. Second parties would be “entitled to receive” donations by cheque or digital mode from their donors. This leads donors to the way of banking, which will help to issue authority to identify them.
Why should we care about Electoral Bonds?
Some people also suggest that this significant change would do no harm in the politics. Prime Minister Narendra Modi suggested about holding simultaneous elections to Lok Sabha and State Assemblies would be considered seriously for the political parties present in the country. Anyone who likes to make the donation to a political party would be able to purchase the bonds from the authorised banks, and the investment needs to be ‘white money’ against Cheque as well as digital payments. The donor can play a uncredited role to a receiver and the general public.
It may take time to give complete impact on society. But now political funding is well evolved. We should take part of it and study alternate methods to ensure more transparency and accountability to voters.