Electoral bonds: a peril to democracy and transparent elections in India

Abstract

A democracy is built on free and fair elections. India is one of the world's most populous democratic countries. In 2018, the Indian government launched a new electoral bonds scheme to fund elections. Electoral bonds influence election funding and make it easier for corporate entities to conceal political donations by concealing the bond’s buyer and beneficiary details. The new electoral bonds scheme lures companies and facilitates money laundering. The present article critically evaluates the electoral bonds scheme by analyzing the various acts and statutes. However, the Indian judiciary evaded its role as guardian of the constitution and final interpreter of the constitution by not deciding the cases pending in court. The scheme provides an unfair advantage to the ruling party. Anonymity and secrecy harm accountability in a democracy. The new election funding scheme undermines transparency and fair elections. This new election funding scheme has exacerbated the situation in Indian democracy. This new mechanism of election funding keeps voters in the dark about whether the governing party favors corporate donations.