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  • Category: Miscellaneous

    Do you think are there any loopholes in 'Electroral Bonds' in election funding?

    Recently BJP government introduced political fundings through electroral bonds. Those who wish to fund political parties can buy electroral bonds ranging from Rs.1000 to One crore in SBI branches and can donate to any of the political parties to wish to do so. The political parties have to withdraw the amount within 15 days by depositing the bonds in the bank. A company can give any amount of money and the political party getting that there is no need for them to disclose from whom they got that money. On the bonds also there is no mentioning the name of the donors. So people cannot know the identity of donors and recipient party. Only banks and government have the possibility to know between whom these transactions occurred. So obviously out of fear and also for their favors, companies provide maximum fundings to the Party in rule. Along with this Electroral Bond ordinance, government also made an amendment, that foreign companies through their Indian branches can also provide election funding. This provision will severly effect the heavily corrupted electioneering process further. These are the implications expressed by various editorials of news media. A party which is believed to be borned for eliminating corruption , why they are inventing new ways to worsen situation further? Members what are your real views regarding this issue?
  • #623689
    It is the known fact that election funding and political parties donations are highly polarised and big business houses have their political understandings and affiliations through which such donations are mooted and made. Before every general elections there would be broader understandings between them and a clandestine agreement also takes place which is nothing but a barter agreement. What the business house would get as the favour from the political party if their government is formed. Now even foreign companies can also donate through their associates in India. This is give and take policy arrangement to which every political party is aware and would continue to do. And being our election campaigns have become costlier year after year, there is no other go for the parties to have this sort of arrangements.
    K Mohan
    'Idhuvum Kadandhu Pogum "
    Even this challenging situation would ease

  • #623704
    I am not very clear about these bonds. All the companies have to show how much they have donated and to whom they have donated. So while giving the bonds also to a particular political party that should be indicated in the book of accounts. So as opined by the author there may be some chances for the ruling party to have more favours from the company. But there is a problem also for the big industrial houses by any chance the other party come to power they will try to make this particular industry to suffer more. So they may have to give to all equally. So many discrepancies may not take place. But governemnt should restrict the parties to spend as less as possible in the elections otherwise again the black money problem will increase and unnecessary expenditures will also increase. The election commission should be having a free hand in punishing the culprits to maintain the expenses in control
    drrao
    always confident

  • #623714
    Some basic information regarding electroral bonds:-
    https://www.newsclick.in/will-electoral-bonds-ensure-transparency-electoral-funding

    https://www.google.co.in/amp/wap.business-standard.com/article-amp/current-affairs/electoral-bonds-do-the-govt-s-proposals-make-party-funding-transparent-117070600442_1.html#ampshare=http://www.business-standard.com/article/current-affairs/electoral-bonds-do-the-govt-s-proposals-make-party-funding-transparent-117070600442_1.html

    https://www.dailyo.in/politics/electoral-bonds-modi-government-modi-arun-jaitley-black-money-political-parties-contribution/story/1/21825.html

  • #624371
    I think we should welcome such bonds but insist that the Indian Government ensures complete transparency with the details begin available in public domain before and after the elections. I was not aware of this before, thanks to the author. Having read articles of how the US presidential election campaigns are funded vias PACs - political action committees that collect funds from members and then give it to candidates. Such systems are open to misuse and so would these bonds.If the donor cannot be tracked, then it would be a serious issue and it would mean indirectly influence a Government official using the money. Furthermore, encouraging foreign companies to contribute via their Indian arm would also open a potential channel of paying kickbacks for lucrative multimillion-dollar deals in defense, infrastructure, and technology transfer.


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