Why are electoral bonds considered as 'legalised bribery'
Congress leader Chidambaram has referred to electoral bonds as 'legalised bribery'. Explain the reason behind this statement.
- Electoral bonds are considered as 'legalised bribery' because they provide an avenue for individuals and corporations to make anonymous donations to political parties.
- These bonds allow the donors to maintain their privacy and avoid disclosing their identities, thus raising concerns about transparency and accountability.
- The lack of disclosure means that political parties can receive large sums of money without the public knowing who is funding them.
- This secrecy can lead to potential quid pro quo arrangements, where political parties feel obliged to fulfill the interests of the donors who contributed substantial amounts.
- Additionally, electoral bonds bypass the caps on corporate donations, allowing businesses to exert influence on political parties by donating sizable amounts without restrictions.
- Critics argue that this undermines the principle of a level playing field in elections and compromises the integrity of the democratic process.
- Moreover, the absence of a mechanism to track the source of donations makes it challenging to detect any illicit funds entering the political system.
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