Before the Supreme Court struck them down as illegal on February 15, electoral bonds were paper instruments that anyone could buy from the State Bank of India and give to a political party, which could redeem them for money.
When the Modi government introduced the scheme in 2018, it claimed that electoral bonds would help clean up political finance in India by allowing donors to contribute money to parties anonymously.
Technically, yes. Unlike a bank cheque, the bond did not carry any names – no name surfaced in the banking system when the bond was redeemed. While this allowed a donor to remain anonymous, recent disclosures have made it clear that donors declared their identities to the parties while handing them over the bonds.
by Supriya Sharma & Project Electoral Bond
18/03/2024