Center plans not to review electoral bonds petition, fears return of black money in polls: Government sources

The opposition was delighted when the Supreme Court struck down electoral bonds and labeled them unconstitutional.

While the opposition parties consider it a victory for them, government sources said that while they will respect the court’s verdict, the move could again cloud the polling process as some companies and even political parties may use the verdict to accumulate black money.

However, despite concerns, the government currently plans not to submit an application for review. A government source told News18: “Why would we do this? A PIL can always be diverted or aggrieved donors who fear their identities have been compromised can always choose to go to court.”

The bigger concern is that the agreement during the electoral bonds period that donor identities cannot be revealed could be compromised. The scheme launched in 2018 said the identity of companies buying bonds would not have to be revealed, except for the State Bank of India. But now that offer has been rejected, meaning many businesses are concerned and concerned they could be attacked by rival parties to which they have not made any donations.

Government sources said the donors will now be required to take action in court. The source added that under the judgment, the unused amount will have to be returned to the donor, again risking exposing his identity.

Sources also said the government will keep a close watch as much as possible to ensure that no black money is converted into white money through donations. The government is reviewing the list of people who bought electoral bonds to compare it with that individual’s other transactions to detect any suspicious activity.

Meanwhile, Congress has linked the income tax department’s temporary freeze on their accounts to the court judgement. However, the government and the BJP say the rules are the same for every taxpayer.