Indian Government has introduced a new kind of scheme named as Electoral Bonds scheme for Political Donations (Chanda). This scheme has been come in to play only to help the political parties, so that can buy electoral bonds from State Bank of India. The political party could only encash the money through their assigned banks accounts. One thing this scheme helps the most is that, it can check whether the funding of the parties are legitimate or not? The full transparencies of the party funding will now bes visible to the government. So it is a very important scheme to cut out the corruption among money that has been distributed to various political parties across the country.
Electoral Bonds Scheme for Political Donations (Chanda)
On a notification to the election bonds the Finance Minister of India Sri Arun jetly has said that only a Indian citizen or a body will only have the right to purchase this bonds. Although there has not been any limit specified for the donation of money. Although these are called bonds but there will be interest added to it only by State Bank of India will act as a custodian until the parties withdrawl’s the money. Below you will get an in-depth details at various sections of this scheme.
Some Important Details of electoral Bonds Scheme for Political Donations (chanda):
The bonds that are being donated will remain intacted at some chosen branches of state Bank for only 10 days in the month of January, April, July and October 2018. The name of the donor will not be displayed and it will be valid for only 15 days. The time is given for 15 days so that the money doesn’t dissolve with parallel money.
The name of the donor will not be displayed but that particular person has to disclose the KYC to SBI as per norms. It will change the way through which the political parties was getting cash money thus becoming another crucial step towards demonetization and decreasing the chances of unwanted black money.
The step taken by the government will bring a different change in the country. Its due to as since the independence in india a foremost political played great role in serving the country towards the development. Along with this in past years many corruptions raised in the name of party which now requires to be completely stopped after the banned on note by the central government. So the electoral bonds scheme will bring a certain new change in country with correct use of party fund. And at last parties will get a corruption free country which is now the current government is trying to do so. The scheme will be implemented soon to avail its benefits to people who are relating parties in India.
Features of Electoral Bonds Scheme for Political Donations (Chanda):
These scheme has some of the exceptionally good features that i have mentioned below. It will be much helpful for RBI to perform its tasks with right and proper manner as per their guidelines.
- One party should have 1% vote share in the election held previously to get donation through this scheme.
- Party must submit their respective bank account details to the election commission of india to get the donation. The money must have to be withdrawn in 15 days.
- Electoral bonds has to purchased from state bank of India to make donation to the political parties, the value should be in the multiples of 1000, Rs, 10000, Rs. 100000 or 10000000.
- Whatever the amount may be but the name of the payee will not be disclosed to anyone. But the names will be displayed in the donors balance sheet.
This scheme is for the people’s sake of india who needs to be aware from now onwards because in the past there has been many corruption in the name of donation to the parties or by the parties. Every black marketer wants to invest their money the parties so that they can turn them in to white money. But form now with the implementation of this scheme there will be transparency in the donation of money and the government will have all the details regarding the donation thus helpful in decreasing the chances of black money.