What are electoral bonds?
Electoral bonds are like special tickets that people and groups can buy to support their favourite political parties in our country. They allow adults to help their favourite political party during elections. One can get these bonds from the State Bank of India (SBI).
One can buy these bonds to give them to a political party. There's no limit to how many bonds one person can buy. The parties have to encash these bonds within a certain time. The bonds don't have the donor's name or other details, so the people who give them remain anonymous.
Can all parties receive electoral bond funding?
Only political parties that got at least 1% of the votes in the last central or state assembly elections and are registered under the law can get electoral bonds.
These bonds are valid for 15 days after they're given out. No one can use them after that. Political parties can spend the money from these bonds on ads, planning events, etc.
Can electoral bonds be purchased throughout the year?
Electoral bonds are available for purchase during specific periods in January, April, July, and October every year. In a general election year, the government can extend the time for selling these bonds by 30 days.
Recently, the government announced the sale of these bonds from 6th to 20th November 2023. This announcement happened as elections will happen in five states: Rajasthan, Madhya Pradesh, Chhattisgarh, Telangana, and Mizoram.
Some petitions concerning electoral bonds have been filed in the Supreme Court (SC) of India.
What petitions have been filed?
People are worried about keeping the names of those who buy electoral bonds a secret. Various petitions have been filed with the SC ever since electoral bonds started. The case is being heard by a five-judge bench led by Chief Justice DY Chandrachud.
The government's lawyer says the people or groups buying the bonds should stay secret. This is to keep the donors' information safe and prevent problems with other political parties. But some people think everyone should know who the donors are and how much they give.
Another petition talks about how much money a company can give to a political party and which companies can do it. The SC hasn't decided on this yet and has asked the election commission to provide a report on political party donations up to September 30.
