New Delhi: In a landmark decision on Thursday, February 15, 2024, the Supreme Court of India has directed the State Bank of India to reveal the identities of all contributors of electoral bonds to the Election Commission of India. This ruling comes amidst mounting concerns over transparency and accountability in political funding.
Electoral bonds, initiated by the government of Prime Minister Narendra Modi in January 2018, permitted both individuals and corporations to make unlimited donations to political parties without public disclosure of their identities. The mechanism involved purchasing bonds from the State Bank of India and then channeling funds to chosen political entities.
Opposition parties have long criticized the electoral bond system, citing its lack of transparency. Data from the Election Commission of India and the Association for Democratic Reforms indicate a disproportionate flow of funds through electoral bonds to one major political party, the Bharatiya Janata Party (BJP).
Dr. Jaya Thakur, general secretary of the Madhya Pradesh Congress Committee and a petitioner against electoral bonds, expressed satisfaction with the court's decision, emphasizing the importance of transparency in electoral funding. She highlighted concerns about the opacity surrounding donations and its implications for democratic integrity.
Thakur suggested that the electoral bond system facilitated unchecked financial contributions to political parties, leading to potential corruption. She pointed out the secrecy surrounding the sources of funding for the BJP, raising suspicions of corporate and black money involvement.
The verdict has broader implications for political accountability and corporate influence. It is anticipated to shed light on the nexus between political donations and government contracts, providing clarity on the beneficiaries of corporate largesse.
Critics argue that electoral bonds have disproportionately favored the corporate sector, influencing policy decisions such as privatization while neglecting the interests of marginalized groups like farmers. The forthcoming disclosure of donor identities is expected to unveil the extent of corporate influence on political parties and governmental policies.
The judgment underscores the imperative of transparency in political financing to safeguard the democratic rights of citizens. It signals a step towards greater accountability in electoral processes and curbing the undue influence of money in politics.
As the nation awaits the revelation of donor details, the ruling serves as a reminder of the essentiality of informed electoral choices and the people's right to know the sources of political funding.