By Neeraj Thakur

In the realm of financial governance, the autonomy and independence of a nation’s central bank are pillars of stability and credibility. However, revelations surrounding India’s Electoral Bonds (EB) scheme have brought to light a disconcerting narrative—a narrative that suggests that the Reserve Bank of India (RBI), the country’s apex financial institution, was pressured and continues to be forced to bend under the weight of political influence. This unfolding story exposes a troubling aspect of India’s democracy, where the government’s interests seem to overshadow the principles of transparency and accountability, effectively undermining the integrity of free and fair elections.

As the nation grapples with questions surrounding the transparency and integrity of India’s electoral funding system, a ray of hope emerges from the highest echelons of our judiciary. The Supreme Court has notified a 5-Judge Bench to deliberate on the contentious issue of Electoral Bonds. This crucial case is set to be heard on October 31, and its timing couldn’t be more crucial. On Tuesday, a Constitution Bench of the Supreme Court will examine a series of petitions that challenge the very essence of the Electoral Bond scheme. The bench comprises Chief Justice of India DY Chandrachud, Justices Sanjiv Khanna, BR Gavai, JB Pardiwala, and Manoj Misra. Notably, the decision to refer the matter to this 5-Judge Bench was made on October 16, when a 3-Judge Bench, consisting of the CJI, Justice JB Pardiwala, and Manoj Mishra, recognised the gravity and significance of the issues at hand.

As the nation’s highest court gears up to address this controversial issue, an unsettling development emerged recently when the Attorney General for India, R Venkataramani in a statement filed before the Supreme Court in the Electoral Bonds case said that the citizens do not have the right to information under Article 19(1)(a) of the Constitution pertaining to the funding of political parties. In doing so, the Attorney General has forcefully rebuffed the argument put forth by the petitioners, who stand in opposition to the Electoral Bonds scheme. These petitioners contend that citizens have a fundamental right to know the sources of funding for political parties.

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