In the bustling heart of New Delhi, the recent uproar ensued after the Supreme Court admonished the State Bank of India (SBI) for its failure to disclose data on political funding via unique alphanumeric electoral bonds, crucial for tracing their origins. Chief Election Commissioner (CEC) Rajiv Kumar, addressing the press on a Saturday, advocated for transparency in political funding, underscoring the necessity for safeguarding donors’ privacy through institutional mechanisms.
“The Commission staunchly upholds transparency, a cornerstone of democracy, echoing our stance before the venerable Supreme Court. In a democracy, opacity finds no haven. Democracy thrives on enlightenment, transparency, and accessibility to pertinent information. The divulgence of electoral bond data is imperative; we stand in unwavering support of this,” remarked Kumar during the press conference unveiling the comprehensive schedule for the upcoming Lok Sabha elections.
While emphasizing the imperative of protecting donors’ privacy, the CEC stressed the urgency of establishing institutional frameworks to ensure this safeguard. “Our nation must now embark on a quest for solutions, ensuring donors’ privacy remains inviolate through institutional mechanisms,” asserted the CEC.
Enumerating the Election Commission’s endeavors to curb the influence of black money in elections, Kumar elucidated, “We’ve mandated all political entities to disclose their financial inflows, necessitating declarations regarding contributions received. Furthermore, parties must furnish annual financial statements delineating their receipts and expenditures, with post-election audits to ensure accountability. These disclosures are made publicly accessible, underscoring our commitment to transparency.”
While vigilant against the influx of unaccounted funds during elections, the CEC underscored the collective responsibility in addressing clandestine donations. “Curbing the clandestine inflow of funds during elections remains paramount. However, ensuring transparency in unaccounted donations necessitates a concerted effort across the nation,” Kumar emphasized.
In navigating the digital era, Kumar advocated for a cash-lite economy, envisioning a robust framework for political contributions that prioritizes donor privacy. “In the digital age, transitioning to a cash-lite economy is imperative. We must devise a system that ensures donor privacy while fostering transparency,” Kumar remarked optimistically.
The Supreme Court’s ruling in February invalidated the Electoral Bond Scheme, prompting SBI to cease bond issuance immediately. Subsequently, the apex court directed SBI to disclose bond details, culminating in the recent publication of data on electoral bonds, a significant step towards transparency in political funding.