Disadvantages of Electoral Bonds Scheme
The following are the disadvantages of electoral bond scheme:
- Lack of Transparency: The plan’s lack of transparency violates citizens’ access to information and promotes corruption.
- Misconduct: The requirement that all electoral bonds be redeemed by a bank account revealed by the Indian Election Commission encourages misconduct.
- Political Parties Not Filing Returns: There is minimal enforcement against political parties who fail to file returns or file them after the deadline.
- Exemptions and Amendments: Concerns have been expressed about changes made to several laws, such as the Companies Act and the FCRA Act, especially those that exclude businesses from reporting political contributions and let foreign corporations donate to Indian political parties.
- Concerns about Money Laundering: Money laundering issues have been emphasized by the creation of tangible bonds, which are transferable without leaving any evidence behind.
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Electoral Bonds
Electoral bonds were introduced with the Finance Bill of 2017. They are securities or instruments that are used to make financial contributions to political parties. Notification of the Electoral Bonds came out in 2018.
In this article, we will learn about Electoral Bonds in detail, including their scheme, recent update, eligibility, advantages, and disadvantages.
Table of Content
- What are Electoral Bonds?
- Electoral Bonds Scheme in India
- Supreme Court Declared Electoral Bonds Unconstitutional
- Electoral Bonds Under Scrutiny in Supreme Court
- Supreme Court’s Hearing on Electoral Bonds Scheme
- Eligibility for Electoral Bonds Scheme