Electoral bonds in India
Electoral Bonds were a mode of funding for political parties in India introduced in 2017. It is struck down as unconstitutional by the Supreme Court on 15 February 2024 and ask the State Bank of India to public the details of Electoral bonds purchased by the funding organization or person.
Purchase: Individuals or organizations can purchase electoral bonds from specified branches of authorized banks. These bonds are similar to bearer bonds, meaning the identity of the purchaser is not disclosed to the receiver or anyone else.
Denominations: Electoral bonds are issued in fixed denominations ranging from 1,000 rupees to 1 crore rupees or more.
Validity: These bonds have a validity period, typically 15 days, during which they can be used to make donations to registered political parties.
Donation: The electoral bonds can only be donated to registered political parties, and they have to be encashed within the specified validity period.
Anonymous Donation: The unique feature of electoral bonds is that they allow for anonymity in political donations. The donor's identity is known only to the bank, and the political party receiving the donation. This has been a subject of criticism, as it could potentially lead to opaque funding of political parties.
Legal Framework: The scheme of electoral bonds was introduced through amendments to the Finance Act of 2017. It was presented as a move to bring transparency in political funding by promoting digital payments and reducing the use of cash in political donations.
Critics argue that electoral bonds could facilitate money laundering and lead to a lack of transparency in political funding, as the identity of donors is not disclosed publicly. However, proponents suggest that it provides a legitimate channel for political donations and reduces the influence of black money in elections.
Overall, the introduction of electoral bonds has been a subject of debate and scrutiny in Indian politics, with arguments for both its advantages and disadvantages.
Between April 2023 and January
2024, there were five more phases, with Rs 4509 crore worth of electoral bonds
sold. However, how much each party received during this period is yet to be
declared
The ruling BJP has garnered the highest amount between 2017 and March 2023, receiving a staggering Rs 6570 crore or 54% of the total electoral bonds sold. The Congress party received a total of Rs 1123 crore or 9% of the total electoral bonds sold. Mamata Banerjee’s Trinamool Congress was close behind, having garnered Rs 1092 crore.
Among the regional parties, the TRS received Rs 912 crore between 2017-18 and 2022-23. Significantly, K Chandrasekar Rao’s BRS received over 50% of the donations via electoral bonds in the financial year 2022-2023, months before Telangana witnessed the Assembly elections. Incidentally, TRS, which was in power in the state for two consecutive terms, lost to the Congress in the December 2023 elections.
Naveen Patnaik’s BJD garnered Rs 774 crore, while the DMK received Rs 616 crore, YSRCP Rs 381 crore, TDP 146 crore, AAP 84 crore via electoral bonds.
The party-wise figures were compiled by the Association for Democratic Reforms (ADR), which was one among four petitioners who challenged the scheme.
It is also worth noting that Communist Party of India (Marxist) was the only mainstream political party to have consciously refused electoral bonds.
In its judgment on February 15, the Supreme Court has also ordered the State Bank of India (SBI), the issuer of electoral bonds, to publish donation details by March 13. All electoral bonds that have not been encashed should also be returned, ruled the top court.
0.05% of Electoral Bonds were donated to AIADMK (6Cr+)
0.24% of Electoral Bonds were donated to NCP (30Cr+)
0.5% of Electoral Bonds were donated to AAP (65Cr+)
0.6% of Electoral bonds were donated to RJD (72Cr+)
1.2% of Electoral Bonds were donated to ShivSena (158Cr+)
1.7% of Electoral Bonds were donated to TDP (218 Cr+)
11.1% of Electoral Bonds were donated to INC (1421Cr+)
12.6% of Electoral Bonds were donated to TMC (1609Cr+)
2.6% of Electoral Bonds were donated to YSRCP (337Cr)
47.5% of Electoral Bonds were donated to BJP (6000Cr+)
5.0% of Electoral Bonds were donated to DMK (639 Cr+)
6.1% of Electoral Bonds were donated to BJD (775Cr+)
9.5% of Electoral Bonds were donated to BRS (1214Cr+)
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