The Supreme Court of India today said that the electoral bonds scheme is unconstitutional. It opined that mandating no disclosure of political contributions through electoral bonds is null and void. The State Bank of India must now provide all details to the Election Commission of India regarding the bonds it has issued since 2019. Following the disclosure by the SBI, the ECI will have to publish everything on its site.
The Congress party has been alleging that the scheme is non-transparent. The party has understandably welcomed the verdict. "India’s biggest corruption scam is Electoral Bonds. Let the BJP disclose who are the corporations that are its donors. We are sitting on a massive scandal of crony capitalism. The public of India needs to know the truth," wrote Sanjay Jha on Twitter. "Anonymous Electoral Bonds is one of the gravest threats to our democracy, and Hon'ble SC landmark decision to strike it down is indeed a welcome sign," DK Shivakumar of Karnataka Congress wrote on social media.
Political analysts say that the BJP has benefitted from the scheme but not disproportionately. The donations it has received through the bonds are in line with its strength in Lok Sabha. Moreover, regional parties like the DMK and the TMC have received donations through bonds. The Congress party encashed close to Rs 1,000 Cr between 2017 and 2022, a report says.
