NEW DELHI : Electoral Bonds Scheme should come to an end, in order to preserve the sanctity of democracy and elections in the country, says CPI(M) Politburo(PB).
Recent developments indicate how the scheme is designed to facilitate the ruling party’s flush of cash and legitimise corruptive maneuvers, it said.
The ruling govt directed its Finance Ministry to seek requests from SBI, to relax rules pertaining to Electoral Bond Scheme,
The strategy was aimed to failitate horse trading in Karnataka, when the Assembly slipped into hung state, PB said in a statement.
The Backdrop
The centre ushered in Electoral Bond Scheme 2018, on 2 Jan last year. It was touted as an alternative to cash donations and ensure transparency in political funding.
These bonds can be purchased by an Indian citizen or company incorporated within the country.
Only political parties registered under Sec 29A of Representation of the Peoples Act 1951, who have secured at least one percent of votes in the last Lok Sabha elections are eligible to receive electoral bonds.
These bonds are issued by State Bank of India.
Donors can buy these bonds and transfer them into accounts of political parties verified by the Election Commission.
The electoral bonds come in denominations from Rs 1000 to Rs 1 crore. The bonds remain valid for 15 days and can be encashed by an eligible political party through bank account with the authorized banks.
The CPI(M) and NGO Assoc for Democratic Reforms (ADR) moved the Supreme Court against the scheme, citing how it leaves ordinary citizens in the dark about, who donates how much to which political party.
