EC to take a call on electoral bonds soon

Note4students

Mains Paper 2: Polity | Salient features of the Representation of People’s Act

From UPSC perspective, the following things are important:

Prelims level: Election Commission, electoral bonds

Mains level: Election funding in India and related issues


News

Taking a fresh view of the electoral bonds

  1. The Election Commission will soon take a fresh view of the electoral bonds after analyzing the terms of the government notification and the outcome of two rounds of their sales

Why such move?

  1. Information about the value of bonds in the first round of sales was not reported directly to the Election Commission
  2. The government disclosed it in the Lok Sabha in response to the question from an MP

Is it mandatory to disclose information about election funding to EC?

  1. The amendment to Section 29C of the Representation of the People Act has made it no longer mandatory for the parties to report the details of donations received through the bonds
  2. As per Section 29C(1) of The Representation of People Act, 1951, the political party needs to disclose the details of non-governmental corporations and persons who donate more than Rs. 20,000 to it in a financial year

Back2Basics

Electoral bonds

  1. Electoral Bond is a financial instrument for making donations to political parties
  2. These are issued by Scheduled Commercial banks upon authorization from the Central Government to intending donors, but only against cheque and digital payments (it cannot be purchased by paying cash)
  3. Electoral Bonds would have a life of only 15 days during which it can be used for making donation only to the political parties registered under section 29A of the Representation of the Peoples Act, 1951 and which secured not less than one percent of the votes polled in the last general election to the House of the People or a Legislative Assembly
  4. The Electoral Bonds under the Scheme shall be available for purchase for a period of 10 days each in the months of January, April, July, and October, as may be specified by the Central Government
Electoral Reforms In India
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