NEW DELHI, Feb. 19 -- In a real setback to the current government and a rare affirmation of common sense, the Supreme Court, in its verdict on February 15, 2024, struck down the existence of Electoral Bonds as unconstitutional. That it existed so long is discombobulating. The electoral bonds were supposedly instruments to mask contributors from the party so they could not wield their influence in unsavoury ways.

The current regime introduced the Electoral Bonds in 2017-18 amidst cries of foul by the opposition. Arun Jaitley, the finance minister, then termed them "transparent" instruments. He insisted that compelling donors to reveal their identities would resurrect the problematic reliance on cash and illicit funds for political financi...