India’s political funding landscape underwent a seismic shift as the Supreme Court declared the controversial electoral bonds scheme unconstitutional, citing it as a violation of the right to information and freedom of speech. In a move heralded by activists and opposition parties alike, this verdict not only puts an end to the opaque funding mechanism but also demands transparency in the financing of political parties, raising the curtains on the secretive world of political donations. Here’s everything you need to know about the fall of the electoral bonds scheme and what it means for Indian democracy.
What Are Electoral Bonds?
Electoral bonds were introduced in 2018 as a means to donate money anonymously to political parties. The donors could purchase these bonds from the State Bank of India and then give them to a party of their choice, which could then cash them. The identity of the donor was meant to be kept secret, even from the party receiving the funds. The government defended the scheme as a step towards ensuring clean money in politics, but critics slammed it for shielding the identities of donors, potentially leading to unchecked, anonymous donations that could influence policy making.
The Supreme Court’s Hammer Falls
The Supreme Court’s verdict came as a shock to many, especially considering the electoral bonds scheme had accounted for a whopping ₹16,000 crore in political funding, with a lion’s share reportedly going to the ruling Bharatiya Janata Party (BJP). The court ruled that the scheme infringed upon the public’s right to information, obstructing citizens’ ability to scrutinize the financial backing of political parties. This landmark judgment has been praised for its potential to enhance transparency in India’s electoral process, ensuring voters have access to comprehensive information about who funds political parties.
A Blow to Opaque Funding
By striking down the electoral bonds scheme, the Supreme Court has effectively outlawed an instrument critiqued for its lack of transparency. The decision was based on several grounds, including the violation of the right to information, freedom of speech, and Article 14 of the Indian Constitution, which guarantees equality before the law. This move signifies the judiciary’s commitment to protecting constitutional values and ensuring that India’s democracy remains vibrant and transparent.
What’s Next for Political Funding?
The immediate aftermath of the decision has seen political parties, activists, and legal experts weighing in. Opposition parties and activists have hailed the verdict as a victory for transparency and democracy, while some concern remains about finding a new, transparent mechanism for political funding. The Supreme Court has also ordered the State Bank of India to disclose details of electoral bonds encashed by political parties to date, promising a treasure trove of data for those analyzing political funding trends.
Transparency at Last?
One of the most crucial aspects of this verdict is the opening up of political donations to public scrutiny. With the Supreme Court mandating the disclosure of details of electoral bonds, the Indian electorate will soon have a clearer picture of the financial dynamics powering political parties. This visibility could significantly impact electoral politics, making funding one of the points of evaluation for voters. In essence, it reiterates the public’s right to know who is funding their elected representatives, a cornerstone of a healthy, functioning democracy.
Public and Political Reaction
Reactions to the Supreme Court’s verdict have been widespread and varied, capturing the nation’s divided stance on political funding transparency. While many celebrated the decision as a step towards clean politics, others, including those in favor of the BJP, viewed it as a challenging hurdle to overcome ahead of future elections. The verdict has sparked a slew of discussions on social media, with netizens employing creative memes and tweets to voice their opinions. From humorous posts about potential ‘refund queues’ for electoral bond purchases to serious debates on the future of political funding, the discourse is alive and diverse.
In essence, the Supreme Court’s decision to strike down the electoral bonds scheme has opened a new chapter in India’s ongoing quest for transparency and accountability in political funding. As the nation anticipates the unveiling of details regarding past political donations, this verdict serves as a reminder of the judiciary’s crucial role in safeguarding democratic practices. After all, in a democracy as vibrant and varied as India’s, transparency isn’t just desired — it’s essential.
also read:India’s Electoral Bonds Scheme Ruled Unconstitutional by Supreme Court
Divya 
Mehek