What is the impact of the Electoral bonds scheme on Indian democracy
The Supreme Court has deemed the Electoral bonds scheme unconstitutional. The State Bank of India is being urged to reveal the details of donors.
The impact of the Electoral Bonds scheme on Indian democracy, as deemed unconstitutional by the Supreme Court, can be summarized as follows:
- Transparency and Accountability: The scheme's lack of disclosure requirements raises concerns about transparency and accountability in the Indian political system. These bonds allow for anonymous political funding, making it difficult to trace the source of funds and identify potential conflicts of interest.
- Erosion of Democratic Values: The scheme undermines the principles of democracy by enabling undisclosed funding to political parties. This may lead to the concentration of power in the hands of a few influential donors, potentially compromising the representation of diverse interests and impeding a level playing field for political competition.
- Potential for Corruption: Without disclosing donor details, there is a risk of illicit funds flowing into political parties and influencing policy-making. The lack of transparency can open avenues for corruption and favoritism, eroding public trust in the political system.
- Constitutional Questions: The Supreme Court's ruling highlights the unconstitutionality of the scheme, casting doubt on its legal validity and calling for its potential reform or discontinuation. The court's position underscores the need to ensure that political funding mechanisms align with democratic principles and constitutional provisions.
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