Author(s): Ravikar Yadav

Abstract: The Electoral Bond Scheme, introduced in India in 2018, represents a significant reform in political funding, aimed at formalizing donations, reducing cash-based contributions, and protecting donor privacy. This study critically examines the scheme’s legal framework, institutional mechanisms, and its broader implications for transparency, accountability, and democratic equity in India. While the scheme channels political contributions through authorized banking channels, ensuring traceability and tax compliance, it simultaneously allows complete anonymity of donors, raising concerns about public oversight and the potential concentration of political influence among dominant parties. Through a detailed analysis of judicial interventions, including petitions by the Association for Democratic Reforms and Common Cause, the study explores constitutional debates surrounding the scheme, particularly regarding Articles 14, 19(1)(a), and 324. Expert opinions and civil society critiques highlight the risks of disproportionate corporate influence, erosion of electoral fairness, and the undermining of public trust in democratic processes. Comparative analysis with established democracies such as the United States, the United Kingdom, Germany, and Canada underscores the importance of mandatory disclosure, contribution caps, partial public funding, and independent regulatory oversight in maintaining transparent and equitable political financing.

Pages: 162-171 | Views: 715 | Downloads: 410

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