The Clash Between the Supreme Court and Electoral Bonds - Unraveling the Transparency Dilemma
In a groundbreaking decision on February 15, 2024, the Supreme Court of India declared the Electoral Bond scheme unconstitutional. Initiated in 2017, this scheme permitted anonymous donations to political parties through the acquisition of electoral bonds from designated banks, primarily the State Bank of India (SBI). The verdict, delivered by a five-judge Constitution Bench, was a response to petitions challenging the scheme's lack of transparency, with critics contending that anonymous political funding breeds corruption and erodes democratic accountability. The Heart of the Matter Primary concerns surrounding electoral bonds included: Opacity Donors remained anonymous, impeding public scrutiny of political party funding. Imbalanced Field Smaller parties with limited fundraising capabilities potentially faced disadvantages compared to their larger counterparts. Risk of Misuse Anonymity could facilitate money laundering and the influence of undisclosed interests. Supreme Court&