Electoral Bond For Election Financing

Resort to blame game, skirting the issue core Can’t help much only generates smoke more.

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Recently, a debate over the number of millionaires running for election in Bangladesh resurfaced. Number of mega rich in election has registered a marked rise in 2024 compared to 2018. The electoral spirit is dead when the main opposition rejected the next election, demanding transfer of power to interim govt to supervise the election. Yet this debate is lingering in the air.

As part of election rules a candidate has to disclose details of his assets and liabilities to the public so that voters can know well the candidates they vote. The issue is here why so many rich people join politics nowadays. Clearly, there is dividend in joining politics so more and more rich people join politics nowadays. There is no taboo or crime in rich people joining the politics. But there is no radical shift in policy making. Rather, we witness a sharp increase in corruption, crimes, breaching of consumer and worker interests, wrong policies that bleed the economy and jeopardize the stability.

If things were improved a lot than what they were in the past, no one would bother about the rich in politics. I think if there is an abstract mean in dealing with various stakeholders in politics then this whole debate of electoral financing could be avoided. Electoral bonds introduced in India and many other countries could be an alternative. Any party that receives 1% of the national election vote is eligible for receiving electoral bond. The party then encash the bond from the central bank, which is the issuer of electoral bond. Recently, supreme court of India asks for more clarity in the country’s electoral bond that does not disclose identity of individuals/corporate group. In some countries, identity of individuals/groups needs to be disclosed if contribution is crossed a certain limit.(Source: “What Is Electoral Bond? Why Is It Under SC Scanner? “,Between The Lines With Palki Sharma,First Post,November 05,2023. Youtube link: http://tinyurl.com/3z7zy94e )

Implementation of electoral bond in Bangladesh will improve the political situation. As corporate groups and individuals rely on such bonds ,less strings will be attached to their contributions to political parties. Authority will have a close tab on money flow. Corporate groups will maintain impartial role. No one can dub them as coffer of certain political party. Their need could be met through policy formulation. Policy makers will also be able to make policy in an objective and less biased manner.

Lobbyist firms will emerge as key negotiator between policy makers and different stakeholders for policy formulation. So the need for rich people coming into politics could be avoided.

The kind of one-sided election we are witnessing now where agencies are doling out taxpayer’s money is another example of public money is being misused to wrong end. There is no accountability in it. Electoral bond will let the authority know who will finance whom. And corporate groups will show their spending on bonds in the balance sheet that will be reflected in the audit reports. Wealthy individuals will show the spending in their tax returns. The point is electoral spending will get the much needed documentation.

In the previous Parliament ,we witnessed how MPs with mysterious support and financings brought shame to the nation by getting involved in human trafficking, money laundering, land grabbing and indecent conduct. With the introduction of electoral bond, greater transparency is ensured and MPs with such character flaws may not make it into the Parliament.

Without addressing the structural flaws in our electoral process, we may not drastically improve the situation. Pointing fingers to the rich and passing the blame to others only generate more smoke and avoid the core issue. Introduction of electoral bond may be the beginning of beginning the reform process.