- Genesis of the Electoral Bond Scheme (EBS)
- GS PAPER 2
- INDIAN POLITY
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- Objective: To eliminate black money and enhance transparency in political funding.
- Problem Statement: Existing methods of political funding lack transparency, with most funds being received through anonymous donations, potentially involving black money.
- Solution: Introduction of the Electoral Bond Scheme to create a clean channel for political donations.
- Design and Implementation
- Clean Channel for Funds: EBS aimed to facilitate transparent flow of funds from donor to political party bank accounts.
- Confidentiality Clause: Provision in the scheme ensured confidentiality of purchaser information, limiting disclosure only to competent courts or law enforcement agencies upon demand.
- Questions Raised: Doubts regarding the legitimacy of funds used to purchase bonds and the efficacy of investigations due to confidentiality provisions.
- Demise and Challenges
- Lack of Transparency: Limited information available to enforcement agencies hindered investigations into potential quid pro quo arrangements.
- Court Mandated Disclosures: Disclosure mandates by the court could lead to allegations of corruption and uneven playing field for donors.
- Criticism and Parliamentary Role: Critics argue against courts determining future course, advocating for Parliament to find solutions through consultative processes.
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- Way Forward
- Need for Transparency: Political parties are urged to accept clean money rather than funds associated with secrecy or dubious sources.
- Demand for Accountability: Voters deserve transparency and accountability from political parties, not mere specious explanations for the status quo.
- Conclusion
- Challenges Remain: Despite good intentions, challenges persist in achieving transparency and accountability in political funding.
- Call for Reform: There's a need for concerted efforts toward reform, with a focus on transparency, accountability, and public discourse.
FOR MAINS:-
- "What are the key challenges faced by the Electoral Bond Scheme in achieving its objectives of transparency and accountability in political funding, and what are the implications for future policy development in this area?"