CRONY CAPITALISM FOILS ELECTION COMMISSION’S MOVE TO CURB BLACK MONEY IN ELECTIONS

03 April 2019

The Election Commission (EC) initiative to curb the use of black money in the forthcoming costliest 17th Lok Sabha Election through coordination among tax authorities, financial institutions, investigative  and law enforcement agencies is going to be just a window dressing in the context of the flourishing Electoral Bond Scheme established by the Modi regime with effect from January 2018.

Electoral bonds designed by the think-tanks of crony capitalists associated with BJP is an ingenious devise to channel huge sums of unaccounted black money from the most corrupt corporate thugs and foreign tax havens in to the coffers of the ruling party. Almost 95 percent of this unaccounted money generated through this scheme has reportedly gone to BJP that came to power in 2014 with an anti-corruption plank.  In spite of that, the Congress is keeping a studied silence on this most corrupt election financing invented by BJP as the same will be useful to the former when it comes to power.

EC’s attempt to check the use of illegal cash, fake currency, etc., by deploying law enforcement agencies shall remain superficial as under the electoral bond scheme black money holders and corporate financiers have already pumped unlimited volume of unaccounted money mainly to the saffron party most anonymously. And the recipient is not legally bound to disclose the source of these funds as per the scheme. While the ruling party with its control over banks can identify the source and the amount that the opposition parties may receive, the latter will not be in a position to know the details of such flows to the former.

Therefore led by BJP, the electoral bonds scheme, which has become a synonym for corruption and crony capitalism, will make the 2019 election the most corrupt. And the Election Commission’s much publicised talk of curbing black money use in election will remain as mere wishful thinking as thousands of crores of black money without any transparency flow uninterruptedly in to campaign financing.

PJ James n

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Kabeer Katlat

The Communist movement in India has a history of almost a century after the salvos of October Revolution in Russia brought Marxism-Leninism to the people of India who were engaged in the national liberation struggle against the British colonialists. It is a complex and chequered history.