Union Home Minister Amit Shah has expressed concern over the potential increase in black money’s influence in the ongoing Lok Sabha elections following the Supreme Court’s decision to scrap the electoral bond scheme. He emphasized the need to find an alternative mechanism to mitigate this risk.
Shah stated that the abolition of the scheme, which enabled anonymous donations to political parties through bonds purchased from the State Bank of India, occurred at a critical juncture. He believes that the absence of electoral bonds may exacerbate the influence of black money in politics.
In an interview with PTI on Saturday, Shah said, “I believe and this is my guess that it will increase the influence of black money in elections and politics.” He added that the impact of the bond scheme’s removal will become evident when political parties submit their accounts for the current fiscal year, revealing the proportion of cash donations versus cheque donations. Notably, during the period when electoral bonds were operational, cheque donations accounted for approximately 96% of total contributions.
Shah emphasized the need for a parliamentary debate on the issue, stating, “Now you will know. If the impact of black money rises, then an alternative should be found. There should be a debate in Parliament.” He acknowledged that finding an alternative to the electoral bond scheme requires consultation with all stakeholders, including different political parties.
“This will have to be debated in Parliament. We will have to discuss this with all parties. The Supreme Court’s view since their judgment has come is also very important. The Attorney General and Solicitor General will also have to be consulted. So we will have to deliberate collectively and decide on a new alternative,” Shah said.
The Supreme Court had struck down the electoral bond scheme in February, citing concerns that it violated the right to information and the freedom of speech and expression under the Constitution. The court also directed the disclosure of all donors’ names and their beneficiaries.
The Central Government has maintained that the electoral bond scheme was aimed at curbing the influence of black money in politics, and that donors were allowed to remain anonymous to prevent them from being targeted by political parties based on their funding choices.
