Electoral bonds: India Inc flags risks of political retribution, adversity on disclosing unique serial numbers

India Inc on Monday, March 18, flagged the risks of political retribution and adversity following the disclosure of links between donors and political parties in the electoral bonds case.

In its plea to the Supreme Court, India Inc said electoral bonds assured anonymity to donors, which was meant to incentivise them to move away from cash donations. The scheme was also preferred due to the fear of consequences from political opponents.

"Anonymity is critical for preserving donors' privacy and guarding them against any adversity by any opposing political factions/party to whom the investment is not made by a corporate," India Inc said in its plea.

The information about which political party a person has supported can subject such a person to adversity and may otherwise cause damage. The plea came as the Supreme Court directed the State Bank of India to disclose all the information regarding the electoral bonds, including alpha-numeric numbers associated with it.

A spokesperson from FICCI told CNBC-TV18, "The ease of doing business is a key element of India's competitiveness globally. Retrospective actions lead to a reduction of business confidence for Indian and global investors. This was the basis for our application. FICCI believes in fostering a conducive environment for economic development, where the private sector will contribute to the growth of India to the third largest economy."

Industry bodies CII, FICCI, ASSOCHAM had moved the top court against the sharing of alphanumeric numbers assigned to electoral bonds. The court also refused an urgent hearing in the case.

They argued that they are comfortable with the names of donors and recipients being disclosed. They claimed to have moved the court only after it issued notice to the SBI on declaring alpha-numeric serial numbers. The industry bodies had sought deferral of the orders asking for the declaration of alphanumeric numbers.