Imagine this: a cloak-and-dagger scheme that funnels billions into political pockets under the guise of anonymity. That’s the explosive reality behind India’s Electoral Bond scheme, a scandal so grave that even renowned economist Parakala Prabhakar, husband to Union Finance Minister Nirmala Sitharaman, predicts it’ll cost the ruling Bharatiya Janata Party (BJP) dearly.
The electoral bond scheme:
It was related to electoral bonds, which are like special bonds people can buy and donate to political parties. The unique thing about electoral bonds is that they keep the donor’s identity secret. So, when someone buys these bonds, nobody knows who they are except the bank where they bought them. This secrecy was supposed to protect donors from any backlash or pressure.
These bonds used to come in different amounts, like₹1,000,₹10,000,₹1 lakh, and even₹1 crore. Once someone buys these bonds, they can only give them to political parties that had more than one percent of the votes in the last general election. After which, the political party has to encash these bonds within 15 days of receiving them; otherwise, they are automatically transferred to the PM Relief Fund.
The Magnitude of the Scandal:
At the heart of the controversy lies the Electoral Bond Scheme, which Former Union Finance Minister Arun Jaitley, when presenting the 2017-18 Union Budget, stated that after 70 years of independence, “the country has not been able to evolve a transparent method of funding political parties, which is vital to the system of free and fair elections.” He proposed the Electoral Bonds Scheme, which was designed to “cleanse the system of political funding”.
But data from the Election Commission of India’s official website reveals a staggering disparity in funding. Now Picture this: the BJP, swimming in a sea of cash, rakes in a mind-boggling ₹6,986.5 crores through electoral bonds. That’s not just a mountain of money; it’s a skyscraper of scandal, dwarfing contributions to other parties and raising eyebrows across the political spectrum.
The Smoky Backroom Deals:
Instances such as Future Gaming’s ₹60 crore donation to the BJP following raids by the Income Tax and Enforcement Directorate, and Aurobindo Pharma’s ₹5 crore contribution post-ED scrutiny, underscore the audacity of corporate entities in using electoral bonds to favor the ruling party.
Behind closed doors, corporate giants cozy up to the BJP, showering them with cash following raids by tax authorities. It’s like a high-stakes poker game, with companies like Future Gaming and Aurobindo Pharma betting big on political favoritism.
The Supreme Court Verdict:
On February 15, 2024, the Supreme Court struck down one of the electoral bond schemes. The Supreme Court felt that this secrecy could lead to unfair practices and undermine transparency in elections.
After years of legal wrangling and passionate debates, the Supreme Court delivered a landmark verdict on February 15, 2024, striking down the Electoral Bond Scheme in its entirety. In a unanimous decision, the Court held that the scheme violated the fundamental right to information enshrined in Article 19(1)(a) of the Constitution.
By mandating the immediate cessation of bond sales and ordering the disclosure of bond purchase details, the Court sought to restore transparency and accountability to the electoral process. They believed that knowing who’s funding political parties was crucial for a fair and transparent electoral process. So, they struck down the scheme to make sure elections stay fair and everyone plays by the same rules.
The Road Ahead:
As India braces for the 2024 elections, one thing is clear: the electoral bond scandal isn’t just a blip on the political radar. It’s a systematic shift in the landscape of Indian democracy, sparking calls for reform and raising questions about the true cost of political power. The BJP’s fate hangs in the balance, with voters poised to deliver their verdict on the biggest scandal to hit Indian politics in recent memory.