The video discusses the issue of political funding in India, focusing on the concept of electoral bonds introduced by the government in 2017. The narrator explains that the electoral bond scheme was meant to bring transparency in political funding, but it has been criticized for violating the Right to Information (RTI) and allowing unlimited corporate donations to political parties.
The video highlights the history of political funding in India, starting from the 1950s, and how it has been influenced by various laws and regulations. It also mentions the role of the Association for Democratic Reforms (ADR) and the Common Cause in challenging the electoral bond scheme in the Supreme Court.
The narrator points out that the electoral bond scheme has been criticized for allowing anonymous donations, which can lead to corruption and influence peddling. The video also reveals that many companies that have donated to political parties through electoral bonds have been raided by central agencies, and some have even been found to have donated more than their profits.
The video concludes by stating that the electoral bond scheme has been declared unconstitutional by the Supreme Court, and the court has ordered the State Bank of India (SBI) to stop issuing electoral bonds and the Election Commission to make public the details of donations received by political parties.
Key points:
* Electoral bond scheme was introduced in 2017 to bring transparency in political funding.
* The scheme allows anonymous donations, which can lead to corruption and influence peddling.
* Many companies that have donated to political parties through electoral bonds have been raided by central agencies.
* Some companies have donated more than their profits through electoral bonds.
* The electoral bond scheme has been declared unconstitutional by the Supreme Court.
* The court has ordered SBI to stop issuing electoral bonds and the Election Commission to make public the details of donations received by political parties.
Here are the key facts extracted from the text:
1. The Representation of the People Act, 1951 was passed to define the election process in India.
2. In 1961, the income tax department released a draft of 800 pages to regulate the income tax of the entire country.
3. The Income Tax Act, 1961, included sections 13A, 80GGB, and 80GGC, which stated that donations to political parties would receive a 100% tax deduction.
4. In 1976, the Foreign Contribution Regulation Act (FCRA) was passed, which prohibited journalism, judiciary, and political parties from accepting donations from outside India.
5. In 1985, the Companies Act was amended to allow companies to donate to political parties, with some rules and limits set.
6. In 2002, the Association for Democratic Reforms (ADR) filed a Public Interest Litigation (PIL) in the Supreme Court, seeking disclosure of information about politicians' assets and criminal charges.
7. In 2003, the Representation of the People Act was amended to require candidates to disclose their assets and criminal charges.
8. In 2013, the Central Information Commission (CIC) declared six national political parties as public authorities, making them subject to the Right to Information (RTI) Act.
9. In 2015, the Law Commission of India submitted its 255th report, highlighting the issue of black money in election expenses.
10. In 2017, the government introduced electoral bonds, which were touted as a way to increase transparency in political funding.
11. The electoral bonds were introduced by amending several acts, including the RBI Act, Companies Act, and Income Tax Act.
12. The RBI and Election Commission expressed concerns about the electoral bonds, citing issues with money laundering and transparency.
13. The government claimed that the electoral bonds would reduce black money and increase transparency, but experts argued that it would have the opposite effect.
14. In 2024, the Supreme Court declared the electoral bond scheme unconstitutional and removed it.
15. The court ordered the SBI to stop issuing electoral bonds and the Election Commission to publicize the details of companies that donated to political parties.
16. 21 companies that bought electoral bonds were raided by central agencies like the CBI and ED.
17. Many companies donated more than their profit, raising questions about the intentions behind their donations.
18. Some companies donated money to political parties and then received benefits, such as government contracts and licenses.