Pankaj, SGT University
ABSTRACT
This paper examines the unconstitutionality of electoral bonds in India with a particular focus on the recent judgment by the Supreme Court of India that declared the scheme unconstitutional. The analysis explores the legal arguments presented, the reasoning of the Court, and the implications of the judgment for India's democratic processes. Electoral bonds were introduced in 2017 as an anonymous way for donors to fund political parties. However, critics argued that the lack of transparency allowed unlimited and unregulated corporate donations to parties.
This violated the citizen's right to information under the Indian Constitution. The paper outlines how electoral bonds operate via the State Bank of India. Donors could anonymously purchase bonds of various amounts, depositing money directly into the parties' accounts. Analysing the Supreme Court's rationale, the paper shows how the judges ruled unanimously that bonds contravened the people's right to know the source of political funding. These right outweighed arguments to protect donor privacy.
The court also found the bonds failed to curb black money as claimed. As a result, the State Bank must disclose all bond transaction details to the Election Commission. This data made public on 15th Feb before the upcoming 2024 national elections. The implications of this verdict are explored, including impacts on ruling party finances and India's electoral integrity.
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