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Supreme Court to announce its verdict on electoral bonds
Posted on: 12/Apr/2019 10:48:42 AM
The National Democratic Alliance government had introduced electoral bond scheme in order to formalize political funding. Today, the Supreme Court is set to announce its verdict in terms of the validity of the bond scheme.
A petition was filed in this regard where the Association of Democratic Reforms which is an NGO sought the Supreme Court for stay on electoral bond scheme.
Representing the government, Attorney General K.K. Venugopal would appear for the hearing. He claims that the scheme is to be endorsed as an experimental reform and stressed on the anonymity of donor stating it is a prerequisite. The funds are generally received from affluent companies and individuals who want the party succeed in the election. In case the party doesn’t win, they would apprehend. Thus, anonymity is a necessity here, he claims.
On Thursday, yesterday, the petition came for hearing before the Supreme Court. This move is an initiative to fight back black money circulated among political parties. Let us wait and check out the feasibility of the system. Following election results, whichever is the party that wins, let it draft the report and present before court while also affirming its benefits.
Electoral bonds – what are they?
Any Indian citizen can get these electoral bonds. The bond has unique alphanumerical number. This form is available at State Bank of India. For this, the bank would make use of the Know Your Customer details followed by intense rounds of verification. The documents are then sealed. The bank which is at the end of issuing the bond will be aware of the donor, but it won’t know about details of the political party. On the other hand, the bank that is at the executing end of the bond would not know the donor, but know the political party.
