Govt. defends electoral bonds scheme in SC -Krishnadas Rajagopal
‘Ensures transparency, checks misuse’
Electoral bonds have been introduced to promote transparency in funding and donation received by political parties, the government told the Supreme Court on Thursday.
“They [bonds] can be encashed by an eligible political party only through their accounts with authorised banks. The bonds do not have the name of the donor or the receiving political party and only carry unique hidden alphanumeric serial numbers as an in-built security feature,” a 21-page affidavit said. The government described the scheme, introduced on January 2 last year, as an “electoral reform” in a country moving towards a “cashless-digital economy.”
The government was responding to a petition filed by the CPI(M) and party secretary general Sitaram Yechury to strike down the ‘Electoral Bond Scheme 2018’ and amendments in the Finance Act, 2017, which allow for “unlimited donations from individuals and foreign companies to political parties without any record of the sources of funding.”
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