'Dark money' has become a dangerous factor in Indian elections thanks to Electoral Bonds (EBs), introduced by the Narendra Modi government, ironically in the name of ‘transparency’ in political funding. It is perhaps the world’s cleverest scheme to obtain unlimited secret money for a political party.
The late Finance Minister Arun Jaitley, who in 2017 introduced amendments to multiple laws to allow EBs, told Parliament and the nation that under previous regimes, illegal cash donations from corporates and rich individuals had corrupted elections and policymaking. The BJP, he said, would cleanse the system by introducing ‘transparency’ in political donations through EBs.
In truth, EBs are bearer bonds, and thus as good as cash. If as a voter, we do not know who is giving this EB, we citizens are no wiser as to who is funding our political parties and what they are getting in return or whether these donors are able to influence government decisions.
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