Unmasking the Dark Veil of Electoral Bonds: The Lingering Shadow of Black Money in Indian Politics

By S.B. Mazumder

In the convoluted saga of political financing in India, electoral bonds emerged as a promising solution, yet they only served to veil the pervasive presence of black money within the corridors of power. Despite assertions by the government that these bonds would bring transparency to political funding, the recent Supreme Court ruling striking them down as unconstitutional shines a stark light on the enduring issue of cash-driven politics.

Electoral bonds were envisioned as a tool to sanitize the flow of funds to political parties by allowing donors to contribute ostensibly anonymously. However, this anonymity proved to be a double-edged sword, as it shielded potential quid pro quos between donors and political recipients. While parties were privy to the identities of their benefactors, the public was left in the dark, rendering the entire system vulnerable to manipulation and corruption.

The government's promise that electoral bonds would cleanse the system of unaccounted funds has fallen flat. Former Secretary of Economic Affairs, Subash Chandra Garg, revealed that electoral bonds accounted for a mere fraction of election-related expenditure, leaving a vast expanse of untraceable black money untouched. Despite attempts to implement various schemes and regulations, the pervasive influence of cash in Indian politics persists unabated.

The reluctance of political parties to disclose the sources of their funding further exacerbates the problem. With a penchant for opacity, parties resist any meaningful transparency measures, using every available tool, including parliamentary maneuvers and bureaucratic obstruction, to shroud their financial dealings in secrecy.

The recent legal battle over electoral bonds serves as a poignant reminder that the elephant in the room – black money – continues to cast a long shadow over the Indian political landscape. Until substantive measures are taken to address the root causes of this systemic issue, the promise of a transparent and accountable democracy will remain elusive.

Efforts to combat the scourge of black money must extend beyond superficial fixes and half-hearted reforms. A comprehensive approach, encompassing stringent regulations, robust enforcement mechanisms, and a genuine commitment to transparency, is imperative. Only then can India hope to break free from the stranglehold of black money and usher in a new era of clean and principled politics.

As citizens, we must demand accountability from our elected representatives and insist on measures that uphold the integrity of our democratic institutions. The time has come to lift the veil of secrecy that shrouds political financing and confront the specter of black money head-on. In doing so, we can pave the way for a more equitable and just society, where the voices of the people resonate louder than the clink of clandestine cash.