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Critically analyse the electoral bond scheme as a unique poll funding instrument to achieve the goal of transparency in political funding.

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

2. Critically analyse the electoral bond scheme as a unique poll funding instrument to achieve the goal of transparency in political funding. (250 words)

Difficulty level: Moderate

Reference: The HinduInsights on India

Why the question:

The Supreme Court of India is set to hear final arguments in the electoral bonds case on October 31.

Key Demand of the question:

To critically analyse the performance of electoral bonds in improving transparency.

Directive word: 

Critically analyze – When asked to analyse, you must examine methodically the structure or nature of the topic by separating it into component parts and present them in a summary. When ‘critically’ is suffixed or prefixed to a directive, one needs to look at the good and bad of the topic and give a balanced judgment on the topic.

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.

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.

Conclusion:

Conclude with a way forward to improve transparency with respect to electoral bonds.