Electoral bonds scheme not to be stalled

Electoral bonds scheme not to be stalled

Part of: GS Prelims –Polity and GS-II- Election commission 

In news:

• Chief Justice of India (CJI) said that  the Supreme Court had found it unnecessary to stay the electoral bonds scheme (EBS)
• Supreme Court recently passed an interim order directing political parties to provide complete information to the ECI in sealed covers on every single donor and contribution received by them till date through electoral bonds

From Prelims point of view:

Electoral bonds

• The Electoral bonds are instruments/securities used to donate funds to the political parties. 
• These bonds will be on the lines of bearer bonds or promissory notes wherein the issuer (bank) will be the custodian and will pay the one who holds the bonds (political party

Features:

• The donor may approach these banks and purchase the bonds.
• The donor shall be permitted to buy the bonds through cheque/digital payment. Hence the identity of the donors will be protected (if the donors are identified, they may get caught up in political rivalry-especially if the donor is a businessman).
• The donor will donate these bonds to the political party.
• The political party has to encash it into the account which is registered with the Election Commission of India.

This is also important for Mains examination we will soon take this issue in Mains Focus section Stay tuned!!

Association for Democratic Reforms (ADR)

• Non-partisan, non-governmental organization which works in the area of electoral and political reforms.
• ADR aims at bringing transparency and accountability in Indian politics and reducing the influence of money and muscle power in elections.
• National Election Watch (NEW) is a conglomeration of over 1200 organizations across the country.
• ADR has become the single data point for information/analysis of Indian politics