What are the benefits of electoral bonds for political parties
Electoral bonds promote ‘clean money’ donations to political parties.
- Transparency: Electoral bonds promote transparency in political funding as they require the donor's identity to be disclosed to the issuing authority, such as a bank, and the concerned political party.
- Accountability: Political parties are required to disclose the amount received through electoral bonds in their annual reports, ensuring they are accountable for the funds received.
- Eliminate black money: Electoral bonds promote the usage of clean money for political donations and aim to reduce the influence of black money in politics.
- Legal framework: It provides a legal framework for political donations and ensures that contributions are made through legitimate channels, reducing the chances of illegal funding.
- Encourages transparency in donations: By promoting digital transactions, electoral bonds reduce the dependence on cash donations, making the entire process more traceable and transparent.
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2 years ago