Now the smokescreen has fallen apart. Much as it was clear from the very inception, that the electoral bond scheme and the set of amendments to critical laws for ensuring some degree of transparency and ensuring level playing field in the elections was a camouflage. With the February 15 historic verdict of the Supreme Court adjudging the scheme as unconstitutional along with all those amendments upholding the fundamental right of the people to information underlined criminal intention of the government with clarity. 

There are six major consequences of the EB scheme which are out there in the open.

  1. Money laundering: The removal of cap for maximum limit of bond contribution has brought out the bizarre spectacle of companies donating bonds far in excess of their profits and earnings, with even companies with large losses donating bonds to political parties, particularly the BJP.
  2. The distinct presence of shell companies to facilitate this laundering.
  3. Quid pro quo by facilitating the awarding of license contract and favourable policy changesin lieu of donations. This phenomenon is being popularly paraphrased ‘Chanda do-Dhanda lo’.
  4. It facilitated the deployment of ED and CBI to raid corporates forcing them to contribute bonds. But for BJP this route was unavailable to other political parties. This has come to be popularly described as ‘hafta vasooli’.
  5. It allowed endangering public health in the country by condoning the violations of drug companies and allowed substandard drugs.
  6. It allowed undue advantage to BJP with its control over SBI by even going to the extent of encashing the expired bonds in clear violation of the legal provision

by Niloptal Basu