Two weeks ago, a five-judge bench of India’s Supreme Court ruled that electoral bonds—a controversial instrument of political giving introduced by the Narendra Modi government—violated the Constitution and would immediately cease operating.

Under the court’s ruling, the State Bank of India will immediately stop issuing bonds; the Election Commission of India must disclose details of all transactions since April 2019; and any bonds which have not yet been encashed are to be refunded.

On this week’s podcast, Grand Tamasha host Milan Vaishnav—who has written extensively about campaign finance in India—takes a turn in the hot seat. In a special collaboration with DAKSH, a Bangalore-based non-profit working on judicial reforms and access to justice, Leah Verghese (host of the DAKSH Podcast) interviews Milan about the Court’s ruling and what it means for the future of political funding in India.

The two discuss the history of campaign finance in India, the controversy around electoral bonds, and the controversy around foreign funding of elections. Plus, Milan and Leah discuss why ordinary Indians should care about the dynamics of election funding.

Episode notes:

1. Milan Vaishnav, “On electoral bonds, a short-lived celebration,” Hindustan Times, February 17, 2024.

2. Crime and Politics with Milan Vaishnav,” The DAKSH Podcast, September 2022.

3. Devesh Kapur and Milan Vaishnav, eds., Costs of Democracy: Political Finance in India (New Delhi: Oxford University Press, 2018).

4. Milan Vaishnav, When Crime Pays: Money and Muscle in Indian Politics (New Haven: Yale University Press, 2017).