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ECI about Electoral bond scheme
Why in news?
- The Election Commission of India (ECI) has told the Supreme Court that the electoral bonds, wreck transparency in political funding. In its affidavit submitted to the Supreme Court, the EC pointed to the amendments made to key laws, with dangerous consequences.
- The Election Commission of India has time and again voiced the importance of declaration of donations received by political parties and also about the manner in which those funds are expended by them for better transparency and accountability in the election process.
More in news
- Concerns expressed by ECI:(1) Donations received through electoral bonds would cause a serious impact on transparency in funding of political parties.(2) By removing of cap on foreign funding, electoral bonds invite foreign corporate powers to impact Indian politics.(3) Amendments would pump in black money for political funding through shell companies and allow unchecked foreign funding of political parties.
- Government’s move in defence:(1) Introduced to promote transparency in funding and donation received by political parties.(2) Scheme envisages building a transparent system of acquiring bonds with validated KYC and an audit trail.(3) The electoral bonds will prompt donors to take the banking route to donate, with their identity captured by the issuing authority.
Source
The hindu