V. Vishal, B.A. LLB (Hons.), School of Law, Christ University, Bangalore
ABSTRACT
The Electoral bond scheme was introduced in the Finance Bill, 2017 to serve as a means for individuals and corporations to make donations to registered political parties through banking channels while maintaining donor anonymity. However, on 15th February 2024, the Apex court in its highly anticipated judgement declared the scheme unconstitutional, holding anonymous electoral funding to be violative of voter’s right to information under Article 19(1)(a). This sparked a major controversy in the Indian political landscape with the scheme often being referred to as the “the biggest scam” in independent India’s history. This research effort explores the paradoxical nature of electoral bonds, which aim to promote transparency in political funding while simultaneously maintain the sources of donations anonymous.
The paper is structured into three parts. Part I provides a comprehensive overview of the electoral bonds scheme, tracing its inception, evolution, and the chronicle of events culminating in the Supreme Court's decision. Part II constitutes the crux of the analysis, assessing the impact on voter’s fundamental rights and the principles at stake, including the voter's right to information, free and fair elections, and the doctrine of proportionality. Finally, Part III synthesizes the findings and proffers concluding remarks, underscoring the delicate balance between encouraging political donations and upholding the principles fundamental to democracy.
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