Electoral Bonds and Political Funding in India: Transparency, Corruption, and Democratic Implications
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Abstract
This Article seeks to understand the dynamics between corporate donations to political parties via electoral bonds and their potential impact on democratic processes and governance. It questions the motivations behind corporate contributions and whether such financial support influences government policy-making. The feasibility of conducting elections without corporate funding is examined, alongside the implications of such donations on governance corruption. The role of the electoral bond scheme in ensuring transparency in political funding is scrutinized, as well as the possibility of its reform in alignment with Supreme Court decisions to better serve democratic interests. Concerns are raised about the misuse of government agencies in securing electoral bond donations and the cessation of investigations into corporates post-donation. The potential establishment of an independent agency by the Supreme Court to investigate political corruption is contemplated. The overarching theme explores whether political donations compromise democracy by encouraging malpractice and corruption, and whether accepting donations from corporates under investigation is justifiable. Finally, the validity of selective probes targeting specific shareholders within a corporate entity is questioned.