India’s Supreme Court on Thursday struck down a contentious fund-raising mechanism that allowed individuals and corporations to make anonymous political donations, a system that was widely seen as an advantage for Prime Minister Narendra Modi’s governing party.
Though the judgment came just months before the country’s next general election, probably too soon to affect its outcome, activists said it could bring more accountability to campaign finance down the road.
The ruling on “electoral bonds,” as the fund-raising instruments are known, came a full six years after Mr. Modi’s government introduced them.
Under the contested fund-raising system, the government-owned State Bank of India, India’s largest commercial bank, issued paper bonds that could be purchased in exchange for donations to a political party of the donor’s choice.
They range from just $12 to more than $120,000, with no limit on the number of bonds that a donor could buy.
Persons:
Narendra Modi’s
Organizations:
Bharatiya Janata Party, State Bank of India
Locations:
India’s