Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 150
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Code Context


        trigger_error($message, E_USER_DEPRECATED);

    }
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 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php.'
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deprecationWarning - CORE/src/Core/functions.php, line 311
Cake\Http\ServerRequest::offsetGet() - CORE/src/Http/ServerRequest.php, line 2421
App\Controller\ArtileDetailController::index() - APP/Controller/ArtileDetailController.php, line 150
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Cake\Http\ActionDispatcher::_invoke() - CORE/src/Http/ActionDispatcher.php, line 120
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Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Error\Middleware\ErrorHandlerMiddleware::__invoke() - CORE/src/Error/Middleware/ErrorHandlerMiddleware.php, line 96
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51
Cake\Http\Server::run() - CORE/src/Http/Server.php, line 98

Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 151
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Code Context


        trigger_error($message, E_USER_DEPRECATED);

    }
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 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php.'
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deprecationWarning - CORE/src/Core/functions.php, line 311
Cake\Http\ServerRequest::offsetGet() - CORE/src/Http/ServerRequest.php, line 2421
App\Controller\ArtileDetailController::index() - APP/Controller/ArtileDetailController.php, line 151
Cake\Controller\Controller::invokeAction() - CORE/src/Controller/Controller.php, line 610
Cake\Http\ActionDispatcher::_invoke() - CORE/src/Http/ActionDispatcher.php, line 120
Cake\Http\ActionDispatcher::dispatch() - CORE/src/Http/ActionDispatcher.php, line 94
Cake\Http\BaseApplication::__invoke() - CORE/src/Http/BaseApplication.php, line 235
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\RoutingMiddleware::__invoke() - CORE/src/Routing/Middleware/RoutingMiddleware.php, line 162
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\AssetMiddleware::__invoke() - CORE/src/Routing/Middleware/AssetMiddleware.php, line 97
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Error\Middleware\ErrorHandlerMiddleware::__invoke() - CORE/src/Error/Middleware/ErrorHandlerMiddleware.php, line 96
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51
Cake\Http\Server::run() - CORE/src/Http/Server.php, line 98

Warning (512): Unable to emit headers. Headers sent in file=/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Error/Debugger.php line=853 [CORE/src/Http/ResponseEmitter.php, line 48]
Code Context
            if (Configure::read('debug')) {

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        LATEST NEWS UPDATES | What&#039;s wrong with electoral bonds -Bishwajit Bhattacharyya    </title>
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-The Hindu Business Line

These bearer instruments can&rsquo;t make political funding transparent; they don&rsquo;t address the insidious corporate-politico nexus

The Government is all set to introduce a scheme offering political bonds as bearer instruments which will conceal the identity of the bond..."/>
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-The Hindu Business Line

These bearer instruments can&rsquo;t make political funding transparent; they don&rsquo;t address the insidious corporate-politico nexus

The Government is all set to introduce a scheme offering political bonds as bearer instruments which will conceal the identity of the bond..." />
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                            <div align="justify">-The Hindu Business Line<br /><br /><em>These bearer instruments can&rsquo;t make political funding transparent; they don&rsquo;t address the insidious corporate-politico nexus<br /></em><br />The Government is all set to introduce a scheme offering political bonds as bearer instruments which will conceal the identity of the bond buyers and enable a process of political donations that, it argues, will make funding political parties transparent.<br /><br />The argument is deeply flawed. Electoral bonds as envisaged here open up yet another route to further the unholy nexus between corporate houses and political parties, which that has been at the root of high level corruption in the country. If the Government was genuinely looking for a solution that it claims has eluded us for 70 years, then this is certainly not it.<br /><br /><em>Opaque practices<br /></em><br />Consider a situation: A large corporate, &lsquo;A&rsquo;, plans to donate a very large sum to a party, &lsquo;B&rsquo;, in power but wants no attention from regulators, anti- corruption laws or the judiciary. The Government enacts a law that blacks out the identity of the donor &lsquo;A&rsquo;. Neither &lsquo;A&rsquo;, the donor, nor &lsquo;B&rsquo;, the receiver, is required to share details of the so-called donation. The deal done, the Government goes on to dole out largesse to corporate &lsquo;A&rsquo;, well surpassing the value of the &ldquo;donation&rdquo; so received.<br /><br />This comes within the realm of possibility, indeed probability, with no upper limit set of the donations that can be made by a donor entity.<br /><br />So even if the bonds are issued by banks, encashable only into the designated accounts of political parties within a strict time limit, the scheme says nothing about the kind of nexus that will drive such donations. Moreover, this is likely to happen in a highly skewed manner, tilting the political playing field and making it worse because the donor-donee arrangement has no transparency but all the fig leaf of a formal transaction under a scheme that &ldquo;fights&rdquo; corruption!<br /><br />It is worth pointing out that in April 2014, the US Supreme Court had struck down the upper limit of political donation. India is now following suit with a worse model: transparency is being given a go-by and the worry is that crony capitalism will be institutionalised.<br /><br />This is the full implication of what has been proposed in Budget 2018 through the device of electoral bonds. The proposal, inter-alia, says: &ldquo;... political parties continue to receive most of their funds through anonymous donations which are shown in cash... donors have also expressed reluctance in donating by cheque or other transparent method as it would disclose their identity and entail adverse consequences...&rdquo; <br /><br />Please <a href="http://www.thehindubusinessline.com/opinion/whats-wrong-with-electoral-bonds/article9657087.ece?homepage=true" title="http://www.thehindubusinessline.com/opinion/whats-wrong-with-electoral-bonds/article9657087.ece?homepage=true">click here</a> to read more. <br /></div>                                                           
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    <br><a href="http://www.thehindubusinessline.com/opinion/whats-wrong-with-electoral-bonds/article9657087.ece?homepage=true" class="re" target="_blank">The Hindu Business Line, 21 April, 2017, http://www.thehindubusinessline.com/opinion/whats-wrong-with-electoral-bonds/article9657087.ece?homepage=true</a><div class="clear"></div>
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-The Hindu Business Line

These bearer instruments can&rsquo;t make political funding transparent; they don&rsquo;t address the insidious corporate-politico nexus

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    <h1 class="cat-box-title">What&#039;s wrong with electoral bonds -Bishwajit Bhattacharyya</h1>
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                            <div align="justify">-The Hindu Business Line<br /><br /><em>These bearer instruments can&rsquo;t make political funding transparent; they don&rsquo;t address the insidious corporate-politico nexus<br /></em><br />The Government is all set to introduce a scheme offering political bonds as bearer instruments which will conceal the identity of the bond buyers and enable a process of political donations that, it argues, will make funding political parties transparent.<br /><br />The argument is deeply flawed. Electoral bonds as envisaged here open up yet another route to further the unholy nexus between corporate houses and political parties, which that has been at the root of high level corruption in the country. If the Government was genuinely looking for a solution that it claims has eluded us for 70 years, then this is certainly not it.<br /><br /><em>Opaque practices<br /></em><br />Consider a situation: A large corporate, &lsquo;A&rsquo;, plans to donate a very large sum to a party, &lsquo;B&rsquo;, in power but wants no attention from regulators, anti- corruption laws or the judiciary. The Government enacts a law that blacks out the identity of the donor &lsquo;A&rsquo;. Neither &lsquo;A&rsquo;, the donor, nor &lsquo;B&rsquo;, the receiver, is required to share details of the so-called donation. The deal done, the Government goes on to dole out largesse to corporate &lsquo;A&rsquo;, well surpassing the value of the &ldquo;donation&rdquo; so received.<br /><br />This comes within the realm of possibility, indeed probability, with no upper limit set of the donations that can be made by a donor entity.<br /><br />So even if the bonds are issued by banks, encashable only into the designated accounts of political parties within a strict time limit, the scheme says nothing about the kind of nexus that will drive such donations. Moreover, this is likely to happen in a highly skewed manner, tilting the political playing field and making it worse because the donor-donee arrangement has no transparency but all the fig leaf of a formal transaction under a scheme that &ldquo;fights&rdquo; corruption!<br /><br />It is worth pointing out that in April 2014, the US Supreme Court had struck down the upper limit of political donation. India is now following suit with a worse model: transparency is being given a go-by and the worry is that crony capitalism will be institutionalised.<br /><br />This is the full implication of what has been proposed in Budget 2018 through the device of electoral bonds. The proposal, inter-alia, says: &ldquo;... political parties continue to receive most of their funds through anonymous donations which are shown in cash... donors have also expressed reluctance in donating by cheque or other transparent method as it would disclose their identity and entail adverse consequences...&rdquo; <br /><br />Please <a href="http://www.thehindubusinessline.com/opinion/whats-wrong-with-electoral-bonds/article9657087.ece?homepage=true" title="http://www.thehindubusinessline.com/opinion/whats-wrong-with-electoral-bonds/article9657087.ece?homepage=true">click here</a> to read more. <br /></div>                                                           
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    <br><a href="http://www.thehindubusinessline.com/opinion/whats-wrong-with-electoral-bonds/article9657087.ece?homepage=true" class="re" target="_blank">The Hindu Business Line, 21 April, 2017, http://www.thehindubusinessline.com/opinion/whats-wrong-with-electoral-bonds/article9657087.ece?homepage=true</a><div class="clear"></div>
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        LATEST NEWS UPDATES | What&#039;s wrong with electoral bonds -Bishwajit Bhattacharyya    </title>
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-The Hindu Business Line

These bearer instruments can&rsquo;t make political funding transparent; they don&rsquo;t address the insidious corporate-politico nexus

The Government is all set to introduce a scheme offering political bonds as bearer instruments which will conceal the identity of the bond..."/>
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These bearer instruments can&rsquo;t make political funding transparent; they don&rsquo;t address the insidious corporate-politico nexus

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    <h1 class="cat-box-title">What&#039;s wrong with electoral bonds -Bishwajit Bhattacharyya</h1>
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                            <div align="justify">-The Hindu Business Line<br /><br /><em>These bearer instruments can&rsquo;t make political funding transparent; they don&rsquo;t address the insidious corporate-politico nexus<br /></em><br />The Government is all set to introduce a scheme offering political bonds as bearer instruments which will conceal the identity of the bond buyers and enable a process of political donations that, it argues, will make funding political parties transparent.<br /><br />The argument is deeply flawed. Electoral bonds as envisaged here open up yet another route to further the unholy nexus between corporate houses and political parties, which that has been at the root of high level corruption in the country. If the Government was genuinely looking for a solution that it claims has eluded us for 70 years, then this is certainly not it.<br /><br /><em>Opaque practices<br /></em><br />Consider a situation: A large corporate, &lsquo;A&rsquo;, plans to donate a very large sum to a party, &lsquo;B&rsquo;, in power but wants no attention from regulators, anti- corruption laws or the judiciary. The Government enacts a law that blacks out the identity of the donor &lsquo;A&rsquo;. Neither &lsquo;A&rsquo;, the donor, nor &lsquo;B&rsquo;, the receiver, is required to share details of the so-called donation. The deal done, the Government goes on to dole out largesse to corporate &lsquo;A&rsquo;, well surpassing the value of the &ldquo;donation&rdquo; so received.<br /><br />This comes within the realm of possibility, indeed probability, with no upper limit set of the donations that can be made by a donor entity.<br /><br />So even if the bonds are issued by banks, encashable only into the designated accounts of political parties within a strict time limit, the scheme says nothing about the kind of nexus that will drive such donations. Moreover, this is likely to happen in a highly skewed manner, tilting the political playing field and making it worse because the donor-donee arrangement has no transparency but all the fig leaf of a formal transaction under a scheme that &ldquo;fights&rdquo; corruption!<br /><br />It is worth pointing out that in April 2014, the US Supreme Court had struck down the upper limit of political donation. India is now following suit with a worse model: transparency is being given a go-by and the worry is that crony capitalism will be institutionalised.<br /><br />This is the full implication of what has been proposed in Budget 2018 through the device of electoral bonds. The proposal, inter-alia, says: &ldquo;... political parties continue to receive most of their funds through anonymous donations which are shown in cash... donors have also expressed reluctance in donating by cheque or other transparent method as it would disclose their identity and entail adverse consequences...&rdquo; <br /><br />Please <a href="http://www.thehindubusinessline.com/opinion/whats-wrong-with-electoral-bonds/article9657087.ece?homepage=true" title="http://www.thehindubusinessline.com/opinion/whats-wrong-with-electoral-bonds/article9657087.ece?homepage=true">click here</a> to read more. <br /></div>                                                           
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    <br><a href="http://www.thehindubusinessline.com/opinion/whats-wrong-with-electoral-bonds/article9657087.ece?homepage=true" class="re" target="_blank">The Hindu Business Line, 21 April, 2017, http://www.thehindubusinessline.com/opinion/whats-wrong-with-electoral-bonds/article9657087.ece?homepage=true</a><div class="clear"></div>
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Home हिन्दी

What's wrong with electoral bonds -Bishwajit Bhattacharyya

Published on Apr 23, 2017   Modified on Apr 23, 2017

-The Hindu Business Line These bearer instruments can’t make political funding transparent; they don’t address the insidious corporate-politico nexus The Government is all set to introduce a scheme offering political bonds as bearer instruments which will conceal the identity of the bond buyers and enable a process of political donations that, it argues, will make funding political parties transparent. The argument is deeply flawed. Electoral bonds as envisaged here open up yet another route to further the unholy nexus between corporate houses and political parties, which that has been at the root of high level corruption in the country. If the Government was genuinely looking for a solution that it claims has eluded us for 70 years, then this is certainly not it. Opaque practices Consider a situation: A large corporate, ‘A’, plans to donate a very large sum to a party, ‘B’, in power but wants no attention from regulators, anti- corruption laws or the judiciary. The Government enacts a law that blacks out the identity of the donor ‘A’. Neither ‘A’, the donor, nor ‘B’, the receiver, is required to share details of the so-called donation. The deal done, the Government goes on to dole out largesse to corporate ‘A’, well surpassing the value of the “donation” so received. This comes within the realm of possibility, indeed probability, with no upper limit set of the donations that can be made by a donor entity. So even if the bonds are issued by banks, encashable only into the designated accounts of political parties within a strict time limit, the scheme says nothing about the kind of nexus that will drive such donations. Moreover, this is likely to happen in a highly skewed manner, tilting the political playing field and making it worse because the donor-donee arrangement has no transparency but all the fig leaf of a formal transaction under a scheme that “fights” corruption! It is worth pointing out that in April 2014, the US Supreme Court had struck down the upper limit of political donation. India is now following suit with a worse model: transparency is being given a go-by and the worry is that crony capitalism will be institutionalised. This is the full implication of what has been proposed in Budget 2018 through the device of electoral bonds. The proposal, inter-alia, says: “... political parties continue to receive most of their funds through anonymous donations which are shown in cash... donors have also expressed reluctance in donating by cheque or other transparent method as it would disclose their identity and entail adverse consequences...” Please click here to read more.

The Hindu Business Line, 21 April, 2017, http://www.thehindubusinessline.com/opinion/whats-wrong-with-electoral-bonds/article9657087.ece?homepage=true

Tagged with: Political Donation Political Funding Electoral bonds

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• The electoral bonds scheme and the challenges to it in Supreme Court -Diksha Munjal

 

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