I have a new column in the Indian Express on a signature electoral reform of the Modi government–a new campaign finance vehicle called “electoral bonds.” The new scheme was first announced in last year’s Budget presentation by Finance Minister Arun Jaitley. Since then, details have been scarce. That is, until last week when the Ministry of Finance formally notified the scheme.

Here’s the upshot (in my own words):

Billed as a victory for transparency in political funding, the bonds, in fact, are anything but. Far from reducing opacity in how politics is financed, this new vehicle merely legitimizes it.

You can read the full piece here.