In a groundbreaking revelation, Justice Sanjiv Khanna’s decisive judgment in the Electoral Bonds case has laid bare the intricate web of political financing in India. Straying from the conventional norm, Justice Khanna, in his singular yet concurring opinion, disclosed pivotal data concerning contributions through electoral bonds.
A glance at the statistics derived from the Election Commission of India’s website and petitioners’ submissions unveiled a stark reality:
The lion’s share of contributions gravitated towards parties wielding power both at the central and state levels. A staggering 94% of these contributions stemmed from electoral bonds with a denomination of Rs 1 crore.
Delving deeper into the labyrinthine world of political funding, Justice Khanna underscored the dominance of corporate entities in this realm. Indeed, a colossal 94% of the contributions emanated from corporate coffers, painting a vivid picture of the extent of corporate influence in shaping the political landscape.
Moreover, the figures delineated a startling narrative: the income accrued through bonds between 2018-19 and 2021-22 constituted a substantial 58% of the total income of national political parties.
In his discerning analysis, Justice Khanna scrutinized the contentious issue of confidentiality enshrined within the electoral bonds scheme. Dispelling apprehensions regarding potential political reprisals upon divulging donors’ identities, Justice Khanna reasoned that such concerns were unfounded, particularly in light of the predominant corporate sponsorship. Emphasizing the paramountcy of voters’ right to transparency, Justice Khanna unequivocally asserted that the voters’ right to know eclipses any claim to anonymity in political party funding.
Furthermore, Justice Khanna championed the equitable distribution of corporate funds among national and regional parties, echoing the sentiment espoused by petitioners.
In alignment with the Chief Justice of India, Justice Khanna resolutely declared the Electoral Bonds scheme and associated legislative amendments as unconstitutional, heralding a watershed moment in the quest for electoral transparency and accountability.
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