Electoral bonds a retrograde step: Election Commission
New Delhi: The introduction of electoral bonds is a retrograde step, the Election Commission said in a submission to a parliamentary panel on Friday.
The National Democratic Alliance’s (NDA) had in Union Budget 2017 proposed issuance of electoral bonds, in its efforts to bring transparency to election funding of political parties.
The finance bill lays out the way ahead for the sale of electoral bonds by proposing amendments in the section 13A of the Income-Tax (I-T) Act and to the Reserve Bank of India Act, 1934.
This comes in the backdrop of Prime Minister Narendra Modi making a case for holding simultaneous elections for the Union and state governments and electoral funding reform.