Protestors gathered at the Indian Parliament premises in New Delhi to protest against electoral bonds in November 2019.
Nowhere is this more apparent than in the general elections, where opacity in political funding and the murky flow of funds have often benefited the party in power. It has also contributed to the soaring cost of elections. In 2019, India’s election was thein the world, costing a whopping $8.6 billion—almost twice as much as the cost of their 2014 election, according to aBut now, a surprise historic verdict from the Indian Supreme Court could finally change things. On Thursday, Feb.
In the latest ruling, the court called electoral bonds unconstitutional and ordered the SBI to immediately stop issuing any more. It also told the bank to share the details of all bond purchases since April 2019 with the Election Commission—including the value, the date of purchase, and the name of the buyer—within a week.
The government responded by saying that it was necessary to keep the identity of donors private so that they would not face “any retribution from political parties." But critics like Sastry point out that because the state-owned bank is required to keep a record of both donors and recipients, the scheme has allowed the ruling government to use this information to its advantage.
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