Why are electoral bonds considered 'legalised bribery'
The concept of electoral bonds has been criticized by some as 'legalised bribery'. Discuss the reasons behind this viewpoint and its implications on the electoral system in India.
- Opacity and Anonymity: Electoral bonds are issued in the form of a financial instrument that allows political parties to receive donations from individuals or organizations. The major concern is that these bonds allow for anonymity, meaning the identity of the donor is not disclosed. This lack of transparency raises concerns about potential corruption and favors being granted in return for donations.
- Loopholes for Black Money: Critics argue that electoral bonds provide loopholes for utilizing black money in political funding. As the process lacks disclosure of the donor's identity, it becomes easier for wealthy individuals or corporations to channel their illegal or undisclosed funds to political parties through these bonds.
- Unequal Playing Field: The use of electoral bonds has the potential to create an uneven playing field for political parties. The lack of transparency hampers efforts to ensure a level playing field where all parties have equitable access to resources and funding. This imbalance may lead to the concentration of power in the hands of a few well-funded parties, thereby undermining democratic principles.
- Undermining Accountability: The opacity surrounding electoral bonds weakens the accountability of political parties towards the public. The absence of disclosure requirements allows parties to receive donations without revealing who funded them, which undermines public scrutiny and hampers efforts to hold politicians accountable for their actions.
- Implications for Democracy: The criticism of electoral bonds as 'legalized bribery' is rooted in the potential impact on democratic processes. When political parties accept funds without transparency or accountability, it erodes public trust and confidence in the political system. It also raises concerns about the influence of big donors or corporates on the decision-making processes and policies of the elected representatives.
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