What is the controversy surrounding the electoral bonds scheme and its legality
There is a debate about the legality of the electoral bonds scheme and concerns have been raised regarding its implementation.
- The electoral bonds scheme was introduced in India in 2018 as a means to promote transparency in political funding.
- Under this scheme, individuals and companies can purchase electoral bonds from specified branches of State Bank of India, which can then be donated to registered political parties.
- The controversy surrounding the electoral bonds scheme mainly stems from concerns about the anonymity of donors and lack of transparency.
- Opponents argue that the scheme provides a loophole for undisclosed corporate funding, thereby compromising the accountability of political parties.
- Additionally, the absence of a cap on the amount of money that can be donated through electoral bonds raises concerns about the influence of wealthy donors on political decision-making.
- Furthermore, critics argue that the electoral bonds scheme bypasses the traditional funding disclosure mechanism, which mandates political parties to declare donations above a certain threshold.
- Opposition parties have questioned the legality of this scheme, arguing that it undermines the principles of free and fair elections and violates the right to information.
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