An important development has come to light in the field of Indian politics as State Bank of India (SBI) has filed a petition in the Supreme Court regarding electoral bonds. The move comes amid increasing scrutiny and debate over the electoral bond system, which has been the subject of controversy and controversy since its inception.
Electoral bonds were introduced in 2018 as a means to provide transparency and accountability in political funding. However, critics have raised concerns over the anonymity of donors and the lack of disclosure about the source of funds. The electoral bond system allows individuals and corporations to donate to political parties anonymously through bonds purchased from designated banks.
SBI’s petition : SBI has sought time to respond to the petition filed by Association for Democratic Reforms (ADR). ADR had earlier approached the Supreme Court, challenging the validity of the electoral bonds and seeking a stay on their sale ahead of the upcoming assembly elections scheduled for March 6.
The Election Commission was earlier directed by the Supreme Court to respond to the ADR petition by March 6. However, now with SBI’s plea, the bank has sought extension till June 30 to respond to the issues raised in the case. This extension request underlines the complexity and importance of the matter at hand, which has far-reaching implications on the electoral process in India.
Supreme Court’s views on electoral bonds can have a deep impact on political funding and transparency in the country. The controversy surrounding electoral bonds has underlined the need for greater accountability and transparency in politics, with reforms being advocated to remove various loopholes and ensure a level playing field in the electoral arena.
FAQS
Q: What are electoral bonds?
Answer: Electoral bonds are financial instruments that individuals and corporations can purchase from designated banks and use to donate money to political parties anonymously.Q: When were electoral bonds introduced?
Answer: Electoral bonds were introduced in India in 2018.Q: What is the purpose of electoral bonds?
Answer: The stated objective of electoral bonds is to promote transparency and accountability in political funding.Q: How do electoral bonds work?
Answer: Donors purchase electoral bonds from authorized banks and then deposit them with the political party of their choice, which can encash them in designated accounts.Qu: Are electoral bonds anonymous?
Answer: Yes, electoral bonds allow donors to remain anonymous, as their identity is not revealed to the public or the political party.Q: What are the criticisms of electoral bonds?
Answer: Critics argue that electoral bonds lack transparency, as they provide undeclared funding to political parties and potentially allow influence by corporations and wealthy individuals.
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