Daily Current Affairs 2024: Welcome friends, in today’s post we will learn about electoral bonds like what are electoral bonds, who issues them and what is their function.
Friends, as you know that electoral bonds are a much discussed topic recently. In this post you will know every information related to electoral bonds.
Contents
Electoral Bonds Ka Kya Matlab Hai?
Electoral Bonds Can Be Defined as An Instrument That Is Similar To A Promissory Note. Noticeable feature Of This Bond Is That It Can be Purchased By Citizen Of India only if He Had Fulfilled The KYC As per RBI Guidelines
In Short Electoral bonds are funding given to political parties in India. These were introduced in 2017. Electoral bonds were first introduced in the Finance Bill in 2017 during the Union Budget 2017-18 by the Finance Minister Arun Jaitley. These bills are classified as money bills and Can bypass parliamentary scrutiny processes.
These electoral bonds have been found to be abusing Article 110 of the Indian Constitution, according to which money bills are legislation that are exempted from the need to be passed in the Rajya Sabha. According to various sources, a total of 18299 electoral bonds were transacted from 2018 to 2022, which is equivalent to Rs 9000 crore.
Electoral Bonds Kyu Jaruri Hai
Basically, if donations over ₹2,000 are tracked through the banking system, it would force political parties to declare their assets. This would also make it easier to trace where the donations are coming from and where they’re going.
The government said that changing how electoral bonds work should make it easier to see where money in politics comes from and hold people accountable for it. They also think it will stop secret money from being used by politicians in the future.
The Election Commission and Income Tax Department have looked into how government money, managed by departments like Public Works Department (PWD), is being illegally used in politics. They found out that some of this money is being diverted away from its intended use and then put back into political activities.
To tackle this problem of “black money” in elections, Arun Jaitley mentioned that around Rs 1,500 crore has been seized as a result of actions taken by the Election Commission and tax authorities.
Electoral Bonds Kon Jari Karta Hai?
Electoral Bonds are issued by the state bank of India. These Issued Electoral Bonds are valid for Only fifteen calendar days from the date of issuing and Prohibition on payment to any payee Political Party are made if these Bond are deposited after expiry. If These Electoral Bond are deposited by an eligible Political Party on its account they are credited on the same day.
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