Relevance : GS Paper II (Polity & Governance)
[1300 words reduced to 125]
- The government recently introduced an Electoral Bond Scheme to cleanse the mechanism of funding to political parties.
- Problems with the scheme:
- There is no ceiling on party expenditure and the EC cannot monitor it
- The scheme permits “every artificial juridical person,” to purchase bonds
- The scheme allows for complete anonymity of the donor
- Now, even loss-making entities can make unlimited contributions
- Now, even shell companies can donate
- Violation of the constitution
- The legislation was passed as a money bill under Article 110, which it does not seem to be.
- The scheme subverts the fundamental rights since due to anonymity of the donor, a citizen cannot meaningfully participate in politics.
- The electoral bonds scheme, unless improved, may damage India’s democratic edifice.
