Explain the significance of the electoral bonds scheme in Indian politics.
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The electoral bonds scheme in Indian politics carries significant implications. Here are some key points to understand its significance:
- Transparency: The scheme aims to bring transparency by making political funding more traceable than cash donations.
- Selective Anonymity: While the scheme provides anonymity, it allows the government to trace the donors. This ensures that only the Election Commission and the government have access to the donor's information.
- Reducing Black Money: By promoting digital transactions, the scheme facilitates a shift from cash-based donations, reducing the use of black money in political funding.
- Encouraging Corporates: The scheme aims to attract corporates to contribute directly to political parties' funding, promoting a more formal and regulated approach.
- Ensuring Accountability: Electoral bonds hold political parties accountable for the funds they receive, as only registered parties can encash these bonds.
- Confidentiality: The scheme protects the identity of individual donors, preventing potential backlash or repercussions.
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