Electoral bonds, introduced in India in 2018, aimed to bring transparency to political funding. However, their journey has been marked by controversy and culminated in a landmark Supreme Court verdict on February 15, 2024, declaring them unconstitutional. Let’s delve into the story of electoral bonds and unpack their implications.
Table of Contents
What are Electoral Bonds?
Imagine bearer bonds, similar to currency notes, but used for political donations. These were electoral bonds, available in denominations ranging from ₹1,000 to ₹1 crore. Individuals or companies could purchase them anonymously from the State Bank of India and donate them to registered political parties within 15 days. Parties could then redeem them for cash.
The Promise of Transparency
Proponents argued that electoral bonds would eliminate opaque cash donations and bring transparency to political funding. Donors wouldn’t be named publicly, but the Election Commission would receive details of the purchased bonds. This, they claimed, would curb corruption and undue influence on politicians.
The Shadow of Anonymity
Critics, however, raised concerns about the anonymity aspect. They argued that it shielded the identity of big donors, potentially corporations with vested interests, and hindered accountability. Additionally, the Election Commission’s limited access to information about the source of funds raised questions about true transparency.
The Supreme Court Verdict
On February 15, 2024, the Supreme Court, in a unanimous decision, declared electoral bonds unconstitutional. The court ruled that anonymity violated the citizen’s right to information under Article 19(1)(a) of the Constitution. It also expressed concerns about the undue influence of anonymous donors on political parties and the potential for foreign funding.
The Road Ahead
The Supreme Court’s verdict has thrown open the debate on electoral funding reform in India. The government is now obligated to come up with a new system that balances transparency and anonymity while upholding constitutional principles. This raises several questions:
- What alternative mechanisms can ensure transparency without compromising individual privacy?
- How can foreign funding be effectively regulated?
- Can electoral bonds be modified to address the concerns raised by the court?
The debate on electoral bonds is far from over. The Supreme Court’s verdict marks a significant turning point, but the journey towards a truly transparent and accountable political funding system in India has just begun.
Please note: This article is for informational purposes only and does not express personal opinions or beliefs. It is important to stay updated on the latest developments regarding electoral bonds and the ongoing debate on electoral funding reform in India.
India vs England : Rohit Sharma Ton, Jadeja Century Lead India’s Dominant Show on Day 1
One Comment on “Electoral Bonds in India: A Story of Anonymity, Controversy, and a Supreme Court Verdict”