From the ashes of electoral bonds, a new scheme is rising
New Delhi: A new scheme for funding of political parties is in the works, after the erstwhile electoral bonds scheme was struck down by the Supreme Court as being unconstitutional. According to two people aware of discussions in the government, the Centre has already started work on a new scheme that will address the concerns the apex court expressed while striking down the electoral bonds scheme. The finance ministry is holding internal consultations on the new scheme, which is expected to be finalized after the national elections in April-June, one of the persons cited above said on condition of anonymity.
The scheme will address the issues of transparency and extent of political financing by corporations, which were questioned by the apex court. Legislative changes that may be needed for the new scheme are not on the table yet, as discussions are at an early stage, said the person. Emailed queries sent on Friday to the spokespersons of the ministries of finance, corporate affairs and the Prime Minister’s Office (PMO) remained unanswered till press time.
On 15 February, the Supreme Court had struck down the electoral bonds scheme introduced in January 2018. The court said that some provisions of the scheme that were signed into law through the Finance Act of 2017 were unconstitutional on account of non-disclosure of information relating to political funding. The court held this violated the right to information of citizens.
Read more on livemint.com
