The Indian government has announced the dates for the 26th tranche of electoral bond sales. The sale of electoral bonds was introduced in January 2018 to ensure transparency in political funding and to reduce the use of black money in elections. The 26th tranche of electoral bond sales will take place from April 3 to April 12, 2023, at all authorised branches of the State Bank of India. This scheduled sale comes ahead of the upcoming Karnataka Assembly elections and is part of the government's commitment to schedule the sale of such bonds.

 

The electoral bonds can be bought in multiples of Rs 1,000, Rs 10,000, Rs 1 lakh, Rs 10 lakh and Rs 1 crore and are valid for 15 days. Individuals can buy these bonds and remit them to registered political parties with at least 1% vote share in the Lok Sabha or Vidhan Sabha elections. The bonds are issued in favour of a particular political party, and the name of the donor is not revealed.

 

In November 2018, the scheme was amended to allow the Centre to declare an extra fortnight of electoral bond sales in years when States and Union Territories with a legislature have polls. This window was used to issue electoral bonds ahead of the Gujarat and Himachal Pradesh Assembly elections.

 

The government has introduced various other measures to bring transparency in political funding, including capping anonymous donations to political parties at Rs 2,000, mandatory disclosure of sources of income by political parties, and a ban on corporate donations.

 

The electoral bond scheme has been a subject of controversy since its introduction, with some political parties and activists questioning its transparency and effectiveness. However, the government has defended the scheme as a means “to cleanse the system of political funding in the country”.

 

The announcement of the 26th tranche of electoral bond sales is a significant step towards ensuring transparency in political funding and reducing the use of black money in elections. It also serves as a reminder to citizens to exercise their right to vote and make informed choices. Reference source: TH

 

UPSC Main Exam Question

 

Discuss the features and objectives of the electoral bond scheme introduced in 2018 in India. What measures have been taken by the government to bring transparency in political funding?

 

Answer: The electoral bond scheme was introduced in January 2018 with the objective of ensuring transparency in political funding and reducing the use of black money in elections. The scheme allows individuals and corporate entities to purchase electoral bonds, which can be donated to registered political parties with at least 1% vote share in the Lok Sabha or Vidhan Sabha elections.

 

The electoral bonds are issued in multiples of Rs 1,000, Rs 10,000, Rs 1 lakh, Rs 10 lakh, and Rs 1 crore, and can be bought from authorized branches of the State Bank of India. The name of the donor is not revealed and the bonds are issued in favor of a particular political party.

 

The scheme has several features, including the issuance of electoral bonds four times a year, for a 10-day window in January, April, July, and October. Additionally, an extra 30-day period is provided in the year of Lok Sabha elections. The government has also been granted the power to declare an extra fortnight of electoral bond sales in years when states and union territories with a legislature have polls.

 

To ensure transparency in political funding, the government has also introduced various other measures such as capping anonymous donations to political parties at Rs 2,000, mandatory disclosure of sources of income by political parties, and a ban on corporate donations.

 

In conclusion, the electoral bond scheme was introduced in India in 2018 to ensure transparency in political funding and to reduce the use of black money in elections. The scheme allows individuals and corporate entities to purchase electoral bonds, which can be donated to registered political parties. The government has also introduced various other measures to bring transparency in political funding, including capping of anonymous donations, mandatory disclosure of sources of income, and a ban on corporate donations.