The electoral laws and regulations governing campaign finance in India are primarily governed by the Representation of the People Act, 1951, the Election Symbols (Reservation and Allotment) Order, 1968, and the Election Commission of India’s (ECI) guidelines. The key provisions related to campaign finance are:

Prohibition on Corporate Funding: The Representation of the People Act, 1951, prohibits companies from donating to political parties or candidates.
Contribution Limits: The Act sets limits on individual contributions to political parties or candidates.
Disclosure of Contributions: Political parties and candidates are required to disclose the sources of their funds and the amounts received.
Expenditure Limits: The ECI sets expenditure limits for political parties and candidates.
Disclosure of Expenditures: Political parties and candidates must disclose their expenditures.
Measures taken to ensure transparency and accountability:

Electoral Bonds: The ECI introduced electoral bonds in 2017 to increase transparency in political funding. The bonds can be purchased anonymously, but the donor’s identity is not disclosed.
Electoral Surplus Account: Political parties must maintain an electoral surplus account to deposit excess funds collected during elections.
Audit of Accounts: Political parties’ accounts are audited annually by the Comptroller and Auditor General of India (CAG).
Online Disclosure: Political parties and candidates are required to disclose their financial information online.
Effectiveness in controlling the influence of money in elections:

Anonymity: The electoral bond scheme allows anonymous funding, which can lead to unaccountable funding and potential money laundering.
Limited Transparency: While some information is disclosed, it may not be sufficient to ensure full transparency, as some donors may remain anonymous.
Inadequate Enforcement: There is a lack of effective enforcement mechanisms to ensure compliance with campaign finance regulations.
Limited Expenditure Monitoring: It is challenging for authorities to monitor expenditures effectively, particularly in rural areas where resources may be limited.
Corruption: Corruption among political party officials and election officials can undermine the effectiveness of campaign finance regulations.
Challenges:

Political Party Funding: Political parties often rely heavily on undisclosed funding sources, making it difficult to track the origin of funds.
Donor Confidentiality: The electoral bond scheme provides donor confidentiality, which can create an environment conducive to corruption.
Lack of Public Awareness: Voters may not be aware of the impact of campaign finance on elections, making it challenging to hold politicians accountable.
Limited Resources: Election authorities may not have sufficient resources to effectively monitor campaign finance regulations.
To improve the effectiveness of campaign finance regulations, India could consider:

Strengthening enforcement mechanisms
Increasing transparency through more comprehensive disclosure requirements
Implementing stricter limits on campaign financing
Enhancing public awareness about campaign finance issues
Improving access to information for voters
By addressing these challenges and strengthening campaign finance regulations, India can work towards reducing the influence of money in elections and promoting a more transparent and accountable democratic system.