Electoral Bonds By- Yasmin Gill
unacademy Follow me on the Unacademy 1.9M L.9 Yasmin Gill ducator since Dctober 201 Qualified for UPSC CSE 2015 mains/Rank 24th i Punjab PCS/ Quality is never an accident, it's always the result of high intention Learning App 159.5k 377 Folow Lists (2) Get updates about new courses Watch all my lessons Download slides and watch offline Current affairs by Yasmin Gill for UPSC CSE 34 save Yasmin GIl 23 Yasmin Gil Current affairs by Yasmin Gill for UPSc CSE 12 savs 23 Yasmin Oll All courses (7)
Encouraging secret donations (The Hindu) Despite massive campaign spending in India, there is barely any public scrutiny of such spending because of opaque nature of the transactions Electoral bonds scheme amplifies such opacity by not disclosing the identity of the donor. Central government -Scheme has a two-fold purpose: One, it enhances transparency in political funding Two, it protects the right to privacy of donors In reality, scheme undermines the complementary nature of the rights to privacy and information, namely, to make the state more transparent. Electoral bonds were introduced in 2017 when the Finance Act amended four different statues: the Reserve Bank of India Act, 1934; the Representation of Peoples Act, 1951; the Income Tax Act, 1961; and the Companies Act, 2013 It said that transactions through banks would incentivise the use of white money, and KYC requirements of banks would ensure paper trails.
Encouraging secret donations However, the terms of the scheme appear to have disastrous consequences for political transparency Under it, both the purchaser of the bond and the political party receiving the money have a right to not disclose the identity of the donor Also, the policy dismantles several restrictions that checked illegal corporate sponsoring previously For e.q. removing a cap on corporate sponsorship Donations can now be made by any "artificial juridical person" This means that even foreign donations are now allowed The requirement that a company has to be in existence for three years for it to make political donations has also been removed This ignores all the concerns regarding the use of shell companies to siphon black money into the system
Encouraging secret donations These changes show that access to the paper trails will be outside the scope of public scrutiny as it will lie exclusively with the banks -As bonds can be issued only by public sector banks, the only entity with full knowledge of the transactions will be the Central government Money laundering has often taken place through banks While the right to privacy in India safeguards the individual's autonomy and dignity, it is subject to restriction on the basis of "compelling public interest" .If the information pertains to matters which affect the lives of o thers, or is closely linked to a public person, it must be disclose d. Funder's actions are bound to have an influence on the policy decisions of the party, if the party wins clear conflict of interest would likely arise if important policy decisions are taken that could affect the donors to the party.
Encouraging secret donations Central government in its affidavit further argued that the right to keep the identity of the donor private was an extension of their right to vote in a secret ballot SC- Right to information and knowledge implicit in the right to freedom of speech and expression The freedom to vote is seen as an essential facet of Article 19 of the Constitution .It is difficult to understand how a liberal democratic structure can sustain its legitimacy when information is not fully available to voters exercising their choice The policy on electoral bonds thus needs to recognise the complementary nature of the rights to privacy and information, namely, to make the state more accountable.
Gratitude is the best attitude RATE, REVIEW AND RECOMMEND
plus Discount Code 'yashi.gillo1' 10% ETHICS, INTEGRITY & APTITUDE Complete Course on Ethics, EE integrity& Aptitude Lesson 27 Today, 6:00 PM Yasmin Gill