'Confusion, chaos and cash': With electoral bonds gone, what's next? Watch this debate

The Supreme Court's directive to the SBI to make all unique numbers associated with each electoral bond public could drive political funding underground and revive cash, feels Hitesh Jain, managing partner, Parinam Law Associates.

"Confusion, chaos and cash is what it (outlawing bonds) would lead to, since it does not offer any solutions," Jain told BTTV Managing Editor Siddharth Zarabi in a panel discussion.

Jain said concerns post scheme's scrapping go beyond veil of anonymity being lifted, adding the move exacerbates the fear of vindictive behaviour against donors. "Issue of transparency was to prevent donors from being victimised," he said.

As a 'solution', Jagdeep S Chhokar, founder member and trustee of Association for Democratic Reforms, which had filed the case on electoral bonds, said political parties should accept donation and make payment only though digital means.

"The overriding concern is that the name of the donor should remain confidential," Chhokar, who was also part of the discussion, said.

The Supreme Court in its observation had asked the Centre if it would amend the Companies Act to cap the percentage of profit a company could earmark for political funding.

Watch the full discussion here