The Indian government has revealed that the State Bank of India (SBI) is yet to submit the bill for 8,350 electoral bonds. Electoral bonds are a controversial financial instrument used for making donations to political parties in India. The lack of submission of the bill raises concerns about transparency and accountability in political funding.
Electoral bonds were introduced in 2018 with the aim of bringing transparency to political funding by allowing individuals and corporations to donate money to political parties anonymously. However, critics argue that electoral bonds undermine transparency in political funding as they allow for large, undisclosed donations to political parties.
Source :- news18
The delay in submitting the bill for the electoral bonds by SBI has raised questions about the effectiveness of the scheme in achieving its stated objectives. The government has defended the electoral bond scheme, stating that it is a step towards reducing cash donations to political parties and increasing transparency in political funding.
Source:- BBC News
However, opposition parties and activists have criticized the scheme, alleging that it facilitates corruption and allows for the influence of corporate interests in politics. They have called for greater transparency and accountability in political funding, including the disclosure of the identity of donors and the amounts donated.
The revelation that SBI has not yet submitted the bill for 8,350 electoral bonds adds to the controversy surrounding the scheme. It highlights the need for greater scrutiny and oversight of political funding in India to ensure transparency and accountability in the democratic process.
The government has stated that it is committed to electoral reforms and enhancing transparency in political funding. However, the delay in submitting the bill for the electoral bonds underscores the challenges in achieving these objectives and the need for comprehensive reforms to address the issue of political finance in India.
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