Do you know what is an Electoral Bonds?
The concept of Electoral Bonds is shared by our Finance Minister Mr. Arun Jaitley. The idea emerged due to increasing corruption in political funding or contributions. Electoral system lacks transparency. The funds of political parties are not documented and thus misappropriation of money gets easy.
Thus, Government of India has taken up the responsibility to "cleanse the system of political funding in the country." The scheme of Electoral Bonds aims to keep a strict account of donations made to various political parties.Electoral Bond is like a Promissory Note or Bank Note. It can be purchased by any citizen of India. This Bond will be issued in multiples of Rs. 1000, 10,000, 1 lakh, 10 lakh and 1crore. These Electoral Bonds will be available at specific branches of State Bank of India, for a period of 10 days each in the beginning of every quarter i.e. January, April, July and October as specified by the central government.
EXAMPLE
If you want to donate Rs. 1000 to a political party, you don't have to give that directly to any party. Rather, you may purchase Electoral Bond of Rs. 1000 from SBI by making payments digitally or through cheques. Then, you may donate the Bond to the political party of your choice. That political party may encash that Bond via the party's verified account within 15 days. This verified account would be allotted by the Election Commission of India. Electoral Bond transactions can be made only via this account. All the details will be maintained by the Bank. The details of the donor will not be shared with the political parties.
This mechanism may bring positive change in the electoral system of India. Though, it would be possible only with the involvement of every Indian with responsibility.
For an easy video on the topic click here Electoral Bonds
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