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Supreme Court To Hear Petition Against Electoral Bonds

Context:

  • The Supreme Court outlined that it will hear petitions challenging the electoral bonds scheme on October 31,2023.

What are the electoral bonds?

  • The electoral bonds were introduced with the Finance Bill (2017). 
  • It can be bought digitally or through cheque by any Indian citizen or company incorporated in India from select branches of State Bank of India. 
  • The bonds are similar to bank notes that are payable to the bearer on demand and are free of interest. 
  • There is no limit on the number of bonds an individual or company can purchase.
  • Condition:
    • Any party that is registered under section 29A of the Representation of the Peoples Act, 1951 and has secured at least one percent of the votes polled in the most recent General elections or Assembly elections is eligible to receive electoral bonds. 
    • The party will be allotted a verified account by the Election Commission of India (ECI) and the electoral bond transactions can be made only through this account.

Electoral bonds

  • Anonymity:  The electoral bonds do not bear the name of the donor. Thus, the political party might not be aware of the donor’s identity.
  • Scope of Funding enlarged: Before the electoral-bonds scheme, there was a 7.5% cap on corporate donations to political parties based on their average net profits in the preceding three years. 
    • The government removed this limit, allowing unlimited corporate funding for political parties.
  • Government Oversight of Political Donations: Bonds are sold via a government-owned bank (SBI), it leaves the door open for the government to know exactly who is funding its opponents.
Attempt the PY Prelims Question

Consider the following statements:

  1. The minimum age prescribed for any person to be a member of Panchayat is 25 years.
  2. A Panchayat reconstituted after premature dessolution continues only for the remainder period. 

Which of the statements given above is/are correct?

  1. 1 only
  2. 2 only
  3. Both 1 and 2
  4. Neither 1 nor 2

Ans: B


News Source:
The Indian Express

 

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 Final Result – CIVIL SERVICES EXAMINATION, 2023.   Udaan-Prelims Wallah ( Static ) booklets 2024 released both in english and hindi : Download from Here!     Download UPSC Mains 2023 Question Papers PDF  Free Initiative links -1) Download Prahaar 3.0 for Mains Current Affairs PDF both in English and Hindi 2) Daily Main Answer Writing  , 3) Daily Current Affairs , Editorial Analysis and quiz ,  4) PDF Downloads  UPSC Prelims 2023 Trend Analysis cut-off and answer key

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 Final Result – CIVIL SERVICES EXAMINATION, 2023.   Udaan-Prelims Wallah ( Static ) booklets 2024 released both in english and hindi : Download from Here!     Download UPSC Mains 2023 Question Papers PDF  Free Initiative links -1) Download Prahaar 3.0 for Mains Current Affairs PDF both in English and Hindi 2) Daily Main Answer Writing  , 3) Daily Current Affairs , Editorial Analysis and quiz ,  4) PDF Downloads  UPSC Prelims 2023 Trend Analysis cut-off and answer key

Quick Revise Now !
AVAILABLE FOR DOWNLOAD SOON
UDAAN PRELIMS WALLAH
Comprehensive coverage with a concise format
Integration of PYQ within the booklet
Designed as per recent trends of Prelims questions
हिंदी में भी उपलब्ध
Quick Revise Now !
UDAAN PRELIMS WALLAH
Comprehensive coverage with a concise format
Integration of PYQ within the booklet
Designed as per recent trends of Prelims questions
हिंदी में भी उपलब्ध

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