Electoral bonds: ‘Bonds proof of Modi’s corrupt policies,’ says Rahul Gandhi after SC landmark verdict

Hours after the Supreme Court annulled the much talked about electoral bonds scheme saying it violates the Constitutional right to freedom of speech, expression and the right to information, Congress leader Rahul Gandhi said the bonds were a medium introduced by the BJP for taking bribe and commission.

Taking to X, Gandhi said the bonds are proof of Modi’s corrupt policies. “Another proof of Narendra Modi’s corrupt policies is in front of you. BJP had made electoral bonds a medium for taking bribe and commission. Today this matter has been resolved.”

Earlier, Congress leader Jairam Ramesh said the verdict would reinforce the power of votes over notes.

Ramesh said: “The Supreme Court has held the much-touted Electoral Bonds scheme of the Modi Sarkar as violative of both laws passed by Parliament as well as the Constitution of India. The long-awaited verdict is hugely welcome and will reinforce the power of votes over notes.”

“The Modi Sarkar has been inflicting ANYAY upon ANYAY on the Annadatas while privileging the Chandadatas. We also hope that the Supreme Court will take note that Election Commission has been consistently refusing to even meet political parties on the issue of Voter Verifiable Paper Audit Trail (VVPAT). If everything is transparent in the voting process then why this obstinacy?,” he asked.

Electoral Bonds are like bearer bonds, which could be purchased by any individual, company, firm or association of persons for the purpose of contribution of funds to political parties of their choice. The bonds were introduced in 2017 by the ruling government as a Finance Bill and were implemented in 2018. 

In 2019, the then Union Finance Minister Arun Jaitley had defended the electoral bond scheme and said that scheme is aimed at checking the use of black money for funding elections, as was sought to be achieved through electoral trusts proposed during the UPA-II regime.

Jaitley had said both the electoral trusts, proposed by the then finance minister Pranab Mukherjee in 2010, and electoral bonds assured total white money and improved transparency but masked the identity of the link between the donor and the party.

On 7 January 2018, Arun Jaitley had also issued a statement on the necessity of Electoral Bonds.

He had said, “India is the largest democracy in the world. However, despite strengthening various institutions for the last seven decades, India has not been able to evolve a transparent political funding system. Elections and political parties are a fundamental feature of Parliamentary democracy. Elections cost money. The round the year functioning of the political parties involves a large expenditure."