Electoral bonds are not just about black money but transparency and a level playing field

The Supreme Court in its hearing on electoral bonds petition on Wednesday expressed right concerns about the misuse of electoral bonds. The electoral bond is just a small part of the BJP government's systematic efforts to steamroll opposition parties through financial muscle power and thereby ensure its stability through funding by the big corporates. In the process a unique system of quid pro quo has been institutionalised in the Indian business world for the first time since Indian independence.

The Supreme Court has reserved the order on the petition appealing for staying the next issue of the bonds scheduled to start from April 1 in the course of the current assembly elections which start from March 27 and end on April 29.

The learned judges would surely have observed media reports on defections in Bengal and other poll-bound states on the eve of the poll and there is speculation at hundreds of Crores being spent by the BJP for coming to power in Bengal in May. There are reports going around in Kolkata that some of the stars of Tollywood have been offered Rs. 10 to Rs. 20 crores for defecting to the BJP.

The functioning of democracy is under threat due to this money power. The level playing field has been lost for non-BJP parties and all these have been possible due to huge resources mobilised by BJP through corporate donations, active support of big business and big funds supplied by overseas Indians close to BJP as also the VHP dominated overseas religious bodies.

There is nothing wrong for BJP 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 central agencies in hounding people who fund the opposition.

The use of central agencies like ED, CBI and the IT department has been so blatant that no corporate body and big business is willing to take a risk by extending support to the opposition parties in the country. As a result, coffers of opposition parties have reached an all time low in several poll-bound states.

Electoral bonds are purchased by donors but the names are known only to the issuer meaning State Bank of India and not the Election Commission. This means the names are known to the Centre and as the present government is known for its vindictiveness, the few who dared to donate funds to the opposition ran the risk of being blacklisted. The big business houses are generally sympathetic to the BJP and their number has grown in the last two decades, but many of them also have democratic values and are interested in donating some part of their donation to other non-BJP parties. Needless to say they are too scared to do so.

Anyone of the business world in India, speaking in confidence, will admit that they cannot run their business by ignoring any request from the ruling party. Those who are very close to the BJP are prospering and this gives a signal to the others which path to follow. It is a precarious situation now. Many of the young scions seem unhappy at the present trend, but feel helpless because they not only have to run their business, they also have to look for expansion opportunities. With business reeling following the pandemic and corporates struggling to survive and sustain, they cannot afford to antagonise the government.

The Attorney General K K Venugopal has presented a confused picture in reply to the CJI's query when he said during the hearing that the bonds have ensured white money, not black money through cash. The issue is really not just that, the issue is one of transparency. Why the Government and the ruling party alone should know who have bought the bonds and in whose favour? Further, this bond can be repurchased which opens up the possibility of dubious transactions. But if donations are in favour of the ruling party, the donors seem to be safe from raids.

The CJI must assess what is the percentage of the electoral bonds benefitting the BJP till now and how disproportionate this is. The next tranche of bonds is scheduled from April i to April 10. The CJI Mr. Bobde will be doing a great service to Indian democracy and the Constitution if he stays the issue.

(IPA Service)

Views expressed are personal