A report compiled by the Association for Democratic Reforms, which examined electoral bond payments to political parties, has reaffirmed the veracity of the criticism levelled at this form of political funding.
Electoral bonds made the largest donations to political parties between 2016–17 and 2021–2022. More than 53% of all donations received by national parties and more than 65% of all donations received by regional parties were made up of them, the report, published by The Deccan Herald, claimed.
Unsurprisingly, the BJP received a lion’s share of all the donations (over 52%), three times more than those received by six other national parties combined, the report added.
The corporate sector contributed 28% of the donations. The article points to 70% of the other contributions, most of which are Rs 1 crore denomination bonds. It paints a dismal picture of how electoral bonds have defaced India’s politics.
The report further reveals that the ruling party received a major share of political donations in the past six years, comfortably subjugating other parties. The article says it’s primarily because the ruling party has more information than its opposition.
Donations are sent via banking channels under government supervision. The government, and consequently the ruling party, has access to the donations, even though other parties are unaware of their source. Donors may be convinced or even forced not to give to other parties.
The primary shortcoming of the electoral bonds system is its need for more transparency. People in a democracy have a right—and a duty—to know who donates money to which political party, how much they donate, and whether or not those contributions influence the parties’ and governments’ policies.
Corporates can make donations using the accounts of shell companies. A section of the article claims that the amount of money that people and businesses can donate using electoral bonds is unlimited.
While the Election Commission and the Reserve Bank of India have expressed concern over this, the Supreme Court hasn’t taken a stance on it.
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