Electoral Bonds: A Veiled Gateway to Legal Corruption

By

Sushiila Tiwari

Managing Director

7Qube Biz Solutions

In a democracy, it’s important that people can see what’s happening and that leaders are responsible for their actions. But in India, a new thing called Electoral Bonds has made people worried about how honest and open the electoral system is.

Electoral Bonds were started in 2017 by the Indian government to control how money is given to political parties. These bonds are like special notes that people or companies can buy from the State Bank of India (SBI) and then give to political parties. The name of the person giving the money is kept secret to protect them from any trouble.

Even though Electoral Bonds were supposed to make things clearer and stop illegal money from affecting politics, they’ve actually made things worse. Big companies, rich people, and even foreign groups can now secretly give a lot of money to political parties using these bonds. This goes against the idea of being open and responsible, which was the whole point of Electoral Bonds in the first place.

The Disconnect between Funding and Development

One big problem with Electoral Bonds is that there’s a gap between the money political parties get and the work the government does for people. Political parties don’t actually do the work of building roads or providing services like healthcare – that’s the government’s job. The government decides where money goes and carries out projects to help people.

However, with Electoral Bonds, political parties get a lot of money without having to say where it came from or how they’re going to use it. This secrecy makes it worrisome because it could mean that the money gets used in ways that aren’t good for everyone. It also means that people or groups who give the money could have too much influence on the decisions the government makes.

Now the important question is Why so much money is being given to political parties?

Lack of Accountability and Transparency

Because Electoral Bonds keep the identities of donors’ secret, political parties don’t have to answer for where their money comes from. This means that the public, media, and groups that oversee elections can’t check if there are any shady deals happening between donors and political parties.

This lack of openness doesn’t just make elections less fair; it also makes people trust the democratic system less. People deserve to know who gives money to political parties and what the money is used for, since they’re the ones who feel the effects of the decisions politicians make.

Breeding Ground for Corruption and Favouritism

The way Electoral Bonds work makes it easy for corruption and unfair practices to happen. Because people can give money without anyone knowing who they are, big companies, rich people, and even groups from outside the country might try to use their money to control political parties and the decisions they make.

This could lead to situations where these donors expect something in return for their money, like special treatment or contracts from the government. These kinds of deals aren’t fair because they don’t consider what’s best for everyone. They also go against the idea of making decisions based on what’s right, not who has the most money.

Questioning the System

Looking at many transactions involving Electoral Bonds and the dates of transactions have raised some serious doubts on our top banks and investigating agencies. Can we trust them for any actions going forward?

Now when we talk of foreign investment, don’t be surprised when the numbers go down. This is the reason why foreign investors don’t trust India. Corruption is getting worse while progress is slow.

We citizens shouldn’t have to pick between leaders; instead, we should decide what we really want. This isn’t what we voted for. We voted for a better India, and we need to keep using our power for better India. We don’t need Vikas or Viksit Bharat marketing jargons; we need leadership that shows results.

Be wise, Choose wise.