In February, a five-judge bench of the Supreme Court struck down the electoral bonds scheme, and declared the changes brought to the law to implement it as unconstitutional. The Court directed the State Bank of India to stop issuing bonds and provide all information on those purchased since April 12, 2019 — name of the purchaser, denomination of the bond purchased, details of the political parties that received the bonds — to the Election Commission of India within three weeks of the judgment, that is, by March 6. It asked the EC to publish this information within one week of its receipt, by March 13. This timeline was of crucial importance. Because with elections around the corner, this information could help expand and deepen the voter’s right to know before she exercises her franchise. Postponing the release of the donor list — as the SBI has proposed — will not only be against the interests of the voter before a crucial poll, but it also contradicts the letter and spirit of the Court’s order. “Information about funding of political parties is essential for the effective exercise of the choice of voting,” CJI Chandrachud said. The SBI, therefore, needs to be told to do whatever it takes to deliver on what the court has stipulated.
The issue of campaign finance lies at the heart of the electoral process. It is directly linked to allegations of cronyism and quid pro quos, and of decisions being made to suit the interests of particular individuals and business houses. As the judgment noted, “there is also a legitimate possibility that financial contribution to a political party would lead to quid pro quo arrangements because of the close nexus between money and politics.” The argument that anonymity shields donors from the possibility of retribution down the line, must, in a vibrant democracy, be weighed against the benefits of openness and transparency and the high costs of continuing secrecy of political funding. The Court did the right thing by striking down the electoral bonds scheme. It should now ensure that the information is publicly available when it is most useful — before the elections.
