Supreme Court Orders SBI to Disclose Electoral Bond Details:
On today’s hearing of Supreme Court of India on Electoral Bonds, SC has asked the SBI to disclose all the details between buyer and to which parties donations were made including the unique numbers which will define the the relation between the buyer and the political parties. This decision was made after the second set of data released by Election Commission of India in which Bhartiya Janta Party(BJP) received highest number of bonds worth 6986.5 crores.
This scheme was first introduced by national democratic alliance(NDA) back in 2017 to bring the transparency in political funding and then it was notified by the government of India in 2018.
BJP Union Minister Nitin Gadkari Supports The Electoral bonds:
The minister has backed the electoral bond scheme and said “Scrapping The System will open the door to black money”. He also added that contesting the elections requires fund and this scheme’s purpose was to bring the transparency in donation of these funds to political parties. But Supreme Court Of India has declared the bond scheme “Unconstitutional And Manifestly Arbitrary” and ordered the SBI to immediately stop issuing bonds under this scheme and provide all details of donations between buyer and the political parties.
What are electoral Bonds:
Imagine you want to give a gift to your favorite superhero, but you don’t want anyone to know it was you. So, instead of giving them cash directly, you buy a special kind of gift card called an “electoral bond.” These bonds are like secret superhero gift cards for political parties.
Here’s how they work:
- Authorized Banks: You can get these special bonds from specific banks that the government trusts. These banks create bonds in different amounts, like small, medium, or large gift cards.
- Donor Anonymity: When you buy an electoral bond, your name is not written on it. It’s like a secret code! You can give this bond to a political party without anyone knowing it was you. This way, people can support their favorite party without feeling shy or worried.
- Using the Bonds: The political party can use these bonds to get money. But there’s a catch! They have to use the money within 15 days, just like using a gift card before it expires.
So, electoral bonds are like secret superhero gift cards that help political parties get support without revealing who the supporters are!