All eyes on Supreme Court for clear verdict in electoral bonds case

It is good that the Chief Justice of India N V Ramana has agreed to take up for hearing a pending petition challenging the Electoral Bond Scheme, 2018. The 20th tranche of electoral bonds opened on April 1 this year and it will continue till April 10.

It will now be in the best interests of the democracy if the petition is heard as early as possible. After the current sale of bonds, no further issue should be allowed.

Earlier, on March 24 last year, the Supreme Court in its hearing on electoral bonds petition had expressed concerns about the misuse of electoral bonds but dismissed NGO Association of Democratic Rights’ prayer to stay fresh sale of the electoral bonds. As a result, the bonds’ sale continued from April 1 to 10 in 2021 and the same is in force this month also.

But an earlier petition challenging the bonds sale is still pending and now the CJI N V Ramana has agreed to hear this pending plea.

The important point which the learned judges, especially the then CJI S A Bobde, missed in 2021 hearing was that this electoral bond issue is just a small part of the BJP government's systematic efforts since its coming to power in 2014 to steamroll the opposition parties through financial muscle power and thereby ensure its governance through funding by the big corporates.

In the process, a unique system of quid pro quo has been institutionalised in the Indian business world which was never in existence in this country's history since Indian independence.

The functioning of democracy in the states in India as also at the Centre is under threat due to this money power. The level playing field has been lost for the non-BJP parties due to the huge resources mobilised by the BJP through corporate donations, active support of the big traders and the big funds supply by the overseas Indians close to BJP as also the VHP dominated overseas religious bodies.

There is nothing wrong for the BJP in collecting funds from its supporters. It is entitled to do so as any other political party. But the problem is when it tweaks the laws in its favour in a partisan way through its hold over the government and makes use of the central agencies in hounding the moneyed people who, in some way, fund the opposition parties.

The use of central agencies like ED, CBI and the IT department has been so blatant that no corporate takes any risk to be involved with the opposition parties.

The electoral bonds can be purchased by the corporates but the names will be known to only the issuer, meaning State Bank of India and not even the Election Commission. This means the names will be known to the Centre and the few people who dared to donate some funds to some opposition parties will be blacklisted.

In 19 tranches since 2018, bonds worth Rs.9208.23 crore were sold. Political parties encashed bonds worth Rs. 9187.55 crore. Nearly eighty per cent were received by the BJP. This amount collected by the BJP is only a fraction of the total funds for elections spent by the ruling party during poll campaigns.

Those who are very close to the BJP are prospering and this gives a signal to the others. It is a precarious situation now. Many of the young scions, alumni of Harvard or Yale who have ideals and who care for real democracy to thrive in India, are becoming unhappy at the present trend, but they love their business, they look for expansion and they have to fall in line.

Attorney General KK Venugopal in last year’s hearing presented a confused picture in reply to the CJI query when he said that the bonds have ensured white money, not black money through cash. The issue is really not that; the issue is transparency. Why should the government and through that the ruling party know who has bought the bonds and in whose favour?

Further, this bond can be repurchased which opens up the possibility of dubious transactions. It is a double benefit for the ruling party.

The CJI must assess what is the percentage of the electoral bonds benefitting the BJP till now and how disproportionate this is. The 20th tranche of bonds is on till April 10. The CJI N V Ramana will be doing a great service to Indian democracy and the Constitution if he stays the next issuance of electoral bonds ahead of his retirement in August this year.

(IPA Service)

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