What were India’s electoral bonds and how did they power Modi’s party?
NEW DELHI, Feb 16 (Reuters) – India’s Supreme Court on Thursday scrapped a seven-year-old election funding system that let individuals and companies make unlimited and anonymous donations to political parties. The move was seen as a setback for Prime Minister Narendra Modi’s Bharatiya Janata Party (BJP), the largest beneficiary of the system, just weeks before national elections. Modi is widely expected to win a rare third term. WHAT WERE ELECTORAL BONDS? Under a system introduced by Modi’s government in 2017, people and corporate groups were allowed to donate unlimited amounts of money to any political party anonymously through financial instruments