S Y Quraishi on electoral bonds: No going back to square one

Corruption in electoral funding:

• Corruption in elections has been a longstanding issue.
• Past attempts at reform like the Indrajit Gupta committee’s recommendations falling short due to lack of internal party democracy.
• State funding of elections is not favored due to difficulty in monitoring expenses and potential for abuse by non-serious candidates.

The way to ensure clean electoral funding:

• Funding political parties based on electoral performance, to promote transparency and reduce dependence on corporate donations.
• Total ban on corporate donations and independent audit of party accounts to curb crony capitalism.
• Establish a National Election Fund to replace electoral trusts.
• allowing private entities to donate with tax concessions, and reducing fear of reprisal.
• Many countries worldwide already provide state funds to political parties based on vote share, suggesting feasibility for India.

Source: Indian Express