Electoral reform undertaken for political funding
Electoral Bonds
- The government has recently notified the Electoral bonds scheme announced in budget 2017-18 to boost transparency in political funding.
- Electoral bond is an interest free financial instrument like a promissory note for making anonymous donations to parties.
Advantages of Electoral Bonds:
- Tackling Black Money in Political Funding: As electoral bonds will bepurchased through KYC compliant bank accountstherefore it would induce fundingthrough clean money.
- Increasing Transparency and Accountability - Filing of returns will help in evaluating the quantumof money received by political parties asdonations.
- Anonymity - Anonymity will help guard against India’s “vindictive” political culture in which parties could penalize donors ....
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