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The discourse around political finance in India usually revolves around the issue of corruption. Do you agree with the view that the electoral bond scheme has ‘institutionalised corruption’?

Topic: Salient features of the Representation of People’s Act.

2. The discourse around political finance in India usually revolves around the issue of corruption. Do you agree with the view that the electoral bond scheme has ‘institutionalised corruption’? (250 words)

Difficulty level: Tough

Reference: The Hindu

Why the question:

It is important that independent institutions check the growing black hole of electoral bonds with a minimum level of institutional safeguards.

Key Demand of the question:

To critically analyse the performance of electoral bonds in improving transparency or acting as a mode of institutionalised corruption.

Structure of the answer:

Introduction: 

Begin by giving aims and objectives of introduction of electoral bonds.

Body:

In the first part, mention the functioning and features of electoral bond scheme – can be bought by any Indian citizen or company incorporated in India. The scheme allows parties to receive these bonds. Trace changes introduced by it.

Next, write about how this new instrument of political party funding is aimed to ensure greater transparency by addressing the issue of anonymous financing. It sought to eliminate black money from the system.

Next, write about how they have increased opacity instead of increasing transparency and has the potential to be used as mechanism of institutionalised corruption.

Conclusion:

Conclude with a way forward.