ELECTORAL BONDS: EFFICACIOUS OR A CAMOUFLAGED ROAD TO TYRANNY

Abstract

Recent changes are introduced for raising political donations in the finance bill, 2017 to curb the flow of black money reaching the political parties through Electoral Bond Scheme and to create transparency. Sovereignty, being non-negotiable for every nation can be threatened by external influences gaining grip over the administration and political set-up by power of money. To resolve the problem of foreign influences, Foreign Contribution (Regulation) Act, 1976 came into force to prevent political parties from receiving foreign donations and made election donations even more transparent. In view of the recent amendments that have been made in the Act by bypassing the judicial verdicts where political parties were found guilty of foul play, it is not difficult to receive foreign donations. The present paper aims at analysing the electoral bond scheme and aftermath by discussing the political fund-raising options in different countries and providing suggestions. The paper has critically analysed the electoral bond scheme which in addition to opening the floodgates for political donations has also made the mockery of transparency. The paper discusses how different democracies have addressed the issue of Election-funding by introducing State Funding to make elections fair, transparent because transparency and accountability form the very basis of democracy.