New Delhi: Union Home Minister Amit Shah expressed concerns that the influence of black money might increase during the ongoing Lok Sabha elections following the Supreme Court’s decision to abolish the electoral bond scheme. He suggested that stakeholders must deliberate and decide on an alternative funding mechanism.
Shah emphasized that if the impact of black money rises, an alternative should be found. He indicated that it is the responsibility of Parliament to debate and establish a new mechanism for political party funding.
In an interview with PTI on Saturday, Shah highlighted that the electoral bond scheme, which allowed donors to fund political parties anonymously by purchasing bonds from SBI, was struck down at a crucial time. The Supreme Court had invalidated the scheme in February, a month before the Lok Sabha elections were announced.
Addressing the issue, Shah stated, “I believe, and this is my assessment, that the influence of black money in elections and politics will increase. When political parties submit their accounts for this fiscal year, it will reveal the extent of cash donations versus cheque donations. At the time of the bond, cheque donations had reached 96%.”
He continued, “If the impact of black money rises, then an alternative should be found. There should be a debate in Parliament.”
When asked if he thought the influence of black money would increase due to the scrapping of the electoral bond scheme, Shah replied, “I guess so.”
Regarding a potential alternative, Shah stressed the need for discussions with all stakeholders, including various political parties. “This will have to be debated in Parliament. We need to discuss this with all parties, and consider the Supreme Court’s judgment. The Attorney General and Solicitor General will also need to be consulted. We must deliberate collectively and decide on a new alternative,” he said.
The Supreme Court had struck down the electoral bond scheme, stating that it violated the right to information and freedom of speech and expression under the Constitution. The court also mandated the disclosure of donor names and their beneficiaries.
The Union government has maintained that the scheme aimed to curb the influence of black money in politics, allowing donors to remain anonymous to avoid targeting by rival political parties. Opposition parties, however, have accused the BJP of using the scheme to “legitimize” bribery by business interests, a charge the ruling party denies, asserting that its rivals received more funding relative to their electoral strength.
