The Supreme Court has dealt a significant blow to the political class by scrapping the controversial Electoral Bonds system. This move marks a pivotal moment in our democracy, signalling a victory for trans- parency and accountability in political funding. The Ele- ctoral Bonds system, introduced in 2017, allowed indivi- duals and companies to make unlimited and anonym- ous donations to political parties. While proponents arg- ued that it provided a confidential channel for donors to contribute without fear of retribution, critics rightfully pointed out that it hindered the public’s right to know who was financing political parties. The lack of transpar- ency undermined the very foundation of democracy, where accountability to the electorate should be pa- ramount. The Supreme Court’s decision to declare the Electoral Bonds system unconstitutional is a reaffirma- tion of the principles of democracy. By striking down a system that allowed for unchecked influence and poten- tial corruption, the court has upheld the integrity of our electoral process. It has sent a clear message that no po- litical party should be above scrutiny and that transpa- rency in political funding is non-negotiable. The ruling Bharatiya Janata Party (BJP), which has been the largest beneficiary of the Electoral Bonds system, will undoubt- edly feel the impact of this ruling. However, it is essential to recognise that this decision transcends party lines, and there is little cause for Opposition parties ~ them- selves beneficiaries of the scheme if to a lesser extent ~ to exult. The decision is about safeguarding the demo- cratic ideals upon which our nation was founded, and every party has played a part in undermining these.

The reinstatement of corporate donation limits by the Supreme Court is a step in the right direction. It ack- nowledges the inherent risks associated with allowing corporations to wield disproportionate influence in the political sphere. By placing restrictions on corporate contributions, the court has sought to level the playing field and prevent undue influence over policy-making. Furthermore, the court’s directive to the State Bank of India to disclose the identity details of bond buyers and information about bonds redeemed by each political party is a crucial step towards greater transparency. It will enable the public to hold political parties account- able for their sources of funding and ensure that there is no room for clandestine dealings in our electoral pro- cess. While the BJP has stated its commitment to conti- nuous reforms on electoral funding, it is imperative that all political parties embrace this ruling and work towards strengthening our democratic institutions. The onus is on our leaders to uphold the principles of transparency, accountability, and integrity in governance. The Supre- me Court’s decision to scrap Electoral Bonds is a victory for democracy. It reaffirms the fundamental principles of transparency and accountability in political funding and sends a strong message that the interests of the electo- rate must always come first. As citizens, we must remain vigilant in safeguarding our democratic values and hold- ing our leaders accountable for their actions.