A national media report has quoted the Narendra Modi government as saying that the citizens of India don't have the right to know the source of electoral bond funds. The Centre reportedly made this submission to the Supreme Court.
Electoral bonds have become a major source of political funding in India. The BJP garners a lion's share of such funding. The Congress party and other Opposition parties have been demanding that the identity of those who make contributions to different political parties be made public. The Centre, on the other hand, feels that the identity of the donors should not be disclosed.
Columnist Kartikeya Tanna says that political retribution is the reason why secrecy is ideal. "Imagine if Tatas want to give 10 crore to BJP and 8 crore to Congress. If Congress comes to know about it (because citizens do), Congress will hound Tatas in states it rules or when it gets power," he writes. However, in most democracies across the world, "political donations are transparent for the public to determine conflict of interests, quid pro quo and bribery," says CV Krishnan.
As per columnist Somnath Mukherjee, electoral bonds have brought electoral funding out of suitcases and into the banking system, making tax avoidance incredibly tough.
