What are Electoral Bonds?
Why is it being challenged in the court?
The Supreme Court of India on October 31, commenced the final hearing on number of petitions challenging the validity of the Electoral Bonds.
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Understand Electoral Bonds
Introduced in Union Budget 2017, bonds allow Indian citizens or body incorporated in India to purchase bonds, enabling anonymous donations to the political parties.
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About scheme
Donors can avail Electoral Bonds in different denominations, ranging from Rs 1,000 to Rs 1 crore, available at all State Bank of India branches.
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Eligibility for receiving funding
According to the guidelines, political parties registered under Section 29A of the Representative of the People Act, 1951 and which had not secured not less than 1% vote in last Lok Sabha or Assembly Elections.
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Concern
The rationale behind introduction of Electoral Bond was to bring out transparency in electoral funding in the nation.
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Traditional funding method
The conventional funding was relayed on donations, which were either big or small and came from several sources ranging from political leaders to industrialists. The funding was even accepted in cash.
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Noteworthy
Election Commission of India in 2019, filed an affidavit raising strong objections against the scheme.
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