Content:
- What is Electoral Bond?
- Who can Purchase it?
- When It was Introduced?
- Which Party get How much Fund?
- Why it get Banned?
What is Electoral Bond?
In Simple Language Electoral Bond is a mode of funding to a political party. A lot of money is spent during elections in India. And this money is collected through donations. The medium of giving donations to political parties is called Electoral Bond.
Who can Purchase it?
Electoral Bond is a type of instrument that functions like a Promissory Note and an interest-free banking tool. Any Indian citizen or organization registered in India can buy these bonds after fulfilling the KYC norms laid down by the RBI
When It was Introduced?
The scheme was introduced in The Finance Bill, 2017 during the Union Budget 2017-18 by then Finance Minister Arun Jaitley
Although introduced in early 2017, the Department of Economic Affairs in Ministry Of Finance notified the Electoral Bond Scheme 2018 in a Gazette only on 2 January 2018.
Why it get Banned?
Ban imposed on Electoral Bonds The Supreme Court said the electoral bond scheme is a violation of Article 19 (1) (a). For this reason the Supreme Court has banned electoral bonds. The public has every right to know how much money has been received by which government.
The court issued instructions saying, “State Bank of India (SBI) should give all the details of the contributions made so far through electoral bonds to the Election Commission by March 31, 2024.” The court also directed the Election Commission to share the information on its official website by April 13, 2024.
The Election Commission of India on April 13, 2024 made public fresh data on electoral bonds. This data was submitted in sealed covers to the Supreme Court. It was later asked to put be up in public domain by the top court.
Which Party get How much Fund?
BJP, TMC among top beneficiaries of electoral bonds
The top five political parties include the
- Bharatiya Janata Party (BJP) received – Rs 6,060.5 crore
- All India Trinamool Congress (TMC) received – 1,609.5 crore
- Congress received – Rs 1,421.8 crores
- Bharat Rashtra Samithi (BRS) encashed 1,214.7 crore
- Biju Janata Dal (BJD) received – Rs 775.5 crore
The List of purchase and encashment of electoral bond is published on official website of election commission of India.
To check all details click here – https://www.eci.gov.in/disclosure-of-electoral-bonds
To know about all political Parties and their symbol click here – https://www.eci.gov.in/election-symbol
To know more about election schedule click here – https://worldmatters247.com/general-election-2024-schedule/