Article Link: India Inc donations via electoral trusts surged after bonds nixed
Extract from the article:
The surge in donations from India Inc. via Electoral Trusts
following the Supreme Court's decision to scrap the electoral bonds scheme is a
significant development.
According to Prudent's contribution report for the last
fiscal year, donations nearly tripled to Rs 1075.7 crore in 2023-24. This
increase underscores the impact of policy decisions on corporate funding to
political parties and sheds light on the evolving dynamics of political
financing in India post-electoral bond era.
My
Take:
An Alternative to Electoral Bonds
"Yesterday, Supreme Court declared the Electoral Bond
scheme as unconstitutional and violating citizens' Right to Information. Since
then, politicians from opposition parties have been supporting the SC verdict
and criticizing the NDA government for introducing this scheme.
The amendments allowing unlimited financial contributions
under the garb of anonymity were deemed manifestly arbitrary. Transparency in
political funding is crucial to preserve voters' rights and combat corruption
effectively."
EC Bond Data - Game of Hide and
Seek
"With the Supreme Court's ruling on the
unconstitutionality of the Electoral Bond scheme, the need for transparency in
political funding is evident. The opaque nature of the existing scheme
highlights the necessity for a more transparent alternative.
The government must design a new system that ensures public
scrutiny and accountability. Prior to the introduction of Electoral Bonds, the
funding landscape was problematic.
Moving forward, a system that encourages individual and
corporate donors to contribute transparently can uphold the integrity of
political financing."
Call
to Action:
To the Election Commission and policymakers, it's crucial to
consider the implications of donation surges through Electoral Trusts
post-electoral bonds.
Strive to create a robust and transparent framework for
political funding that upholds democracy's core values. Transparency and
accountability should be at the forefront of any new system devised to ensure
fair and ethical political nomination dynamics.
With regards,
Hemen Parekh
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