Lack of transparency in electoral bonds
Rawat said in an interview that the issue of electoral bonds is currently pending in the Supreme Court. Only the top court will decide the future course in this regard, but the scheme can be improved through his suggestions. He said that there is only one way to rectify the lack of transparency in electoral bonds. There should be an independent watchdog who, by looking at the KYC records from the State Bank of India, certifies that everything is being done as per the provisions of the scheme. He said that this watchdog would also ensure that no unwanted information is being provided to anyone, be it the ruling party or any other party.
Donor’s name is not mentioned on the bond
Rawat, who was the country’s Chief Election Commissioner from January 2018 to December 1, 2018, said that the government can decide the composition and nature of the organization of ‘independent monitors’ proposed by him. He said that the name of the donor on the bond is not there and it is kept secret, so it is necessary that this institution should be out of the purview of RTI. It is worth mentioning that at the time of announcing the introduction of electoral bonds in the budget of 2017-18, the central government had said that this would bring transparency in the election funding of political parties in the country.
First Electoral Bonds issued in March 2018
The government had issued the first electoral bonds in March 2018. Donation can be given to the party of your choice through this bond. In this, individuals, corporates and institutions can buy these bonds and political parties get money by redeeming these bonds in the bank. Banks sell electoral bonds only to customers whose KYC is verified. Rawat said that the Electoral Bonds have been in existence for five years and during this period no startling complaint has been received from any political party which is a matter of concern.
Transparency is necessary in election funding
He said that it is definitely that there is still a lack of transparency, but there is no cause for concern now. Transparency is necessary in election funding. He said that the matter is currently pending in the Supreme Court, which will decide how to proceed on this issue. The former Election Commissioner said that the Election Commission had registered its opposition to electoral bonds in 2017 itself and had said at that time that the scheme would lead to lack of transparency in election campaign funding.
People do everything to win elections
He said that at that time the commission had said that due to this, fake companies can also donate in it and foreign money can also come. Also, despite being against the law, the commission will not be able to cure it. He said that electoral reforms should be a continuous process for any democracy, as political parties, candidates and other stakeholders present new challenges in every election.