The Bond That Broke the Bank: India’s Electoral Bonds Scheme Declared Unconstitutional
Imagine a world where money talks but nobody knows where it’s coming from. Welcome to the now-defunct Electoral Bonds Scheme of India, a somewhat secretive channel for political donations that just got a big, fat “NO” from the Supreme Court of India. Yes, you heard that right. The top court in the land has thrown out the Electoral Bonds Scheme, labeling it as “unconstitutional” and a free ticket for anonymous contributions that might just have violated a couple of fundamental rights. Let’s unpack this financial Pandora’s box and see what all the fuss is about.
What are Electoral Bonds Anyway?
Introduced in 2017 with the promise of making political funding more transparent (the irony!), electoral bonds were like gift vouchers you could buy from the State Bank of India and donate to your favorite political party. The catch? You could do so anonymously. This scheme was like a masquerade ball for political donations – everyone’s invited, but nobody knows who you are. And just like any dramatic ball, it had its share of intrigue and whispers.
Money, Money, Money… It’s a Rich Man’s World
Before we dive into the courtroom drama, let’s look at some numbers that have been doing the rounds on Twitter and online news platforms. It appears that the BJP, India’s ruling party, bagged a whopping 52% of its donations through this scheme, amounting to over ₹6,564 crore across six years. Meanwhile, the opposition party Congress wasn’t far behind, with 61.54% of its donations coming from these mysterious bond benefactors. And let’s not forget about regional parties like the TMC and DMK, who seemed to have hit the electoral bond jackpot, securing over 90% of their finances through these bonds. Talk about hitting the political funding lottery!
Supreme Court Drops the Mic
On a rather historic day, the Supreme Court of India called time on this financial masquerade, ruling that the scheme was “arbitrary and violative of Article 14” and quite the party pooper for electoral transparency. In simpler terms, the court wasn’t too happy about the whole “Let’s donate in secret and not tell anyone” vibe. The ruling mentioned that the scheme was basically a quid pro quo playground – a fancy Latin term for “you scratch my back, and I’ll scratch yours.” But here’s the kicker: the court has now mandated the State Bank of India to spill the beans by providing all details of these bonds since their inception in 2019. Get ready for some spicy political revelations!
Amidst reactions ranging from jubilation to sheer panic, tweets started pouring in. From cheeky remarks like “My name is Bond, Electoral Bond 0056,” to more serious concerns about why it took six years to realize the scheme was “unconstitutional,” the internet was abuzz. Not to miss out on the humor, some folks couldn’t help but quip about the State Bank of India’s monumental task of listing all electoral bond transactions, suggesting SBI said, “Lunch ke baad aana” (Come after lunch).
What’s Next for Political Funding?
With this scheme now out of the picture, the big question is: How will political parties fund their campaigns? Will they find a new, innovative method, or perhaps adopt a more transparent approach? Only time will tell. But one thing’s for certain: with the Supreme Court’s recent ruling requiring all details of political contributions via electoral bonds to be published, we’re in for some eye-opening disclosures about who’s been funding whom in the giant merry-go-round of Indian politics.
As we wrap up this episode of “Finance Meets Politics,” it’s clear that the Supreme Court’s decision has shaken up the status quo, potentially ushering in a new era of financial transparency in political donations. Whether this will lead to cleaner elections and a more transparent political funding landscape is a story yet to unfold. But for now, let’s just say the scheme of anonymous bonds has been officially declared more “bondage” than “bond.” So, here’s to accountability, transparency, and hopefully, a little less drama in the world of political finance. Cheers!
Divya 
Mehek