“Unveiling Electoral Bonds: Transparency, Donors, and Political Impact” 2024

In compliance with directives from the Supreme Court (SC), the Indian Election Commission (ECI) posted electoral bond data on its website on Thursday. The Election Commission received the electoral bond data from the State Bank of India (SBI) on Tuesday, and in accordance with the directives of the Supreme Court, the Commission posted it on its website.
Election Bond Data: As soon as the Election Commission makes the data public, view the list of leading contributors.

Electoral Bonds

Data on electoral bonds was released about a month after the Supreme Court declared the 2018 programme to be “unconstitutional.” The Supreme Court directed SBI to furnish the ECI with all electoral bond information, which was supposed to be made public by March 13.

When SBI approached the Supreme Court to ask for an extension till June 2024 to follow the directives, the court rejected its argument and told the bank to deliver to the ECI by March 12.

The Election Commission issued a statement on Thursday, March 14, 2024, saying, “In compliance with the directives of the Honourable Supreme Court in orders dated February 15 and March 11, 2024).

“The Indian Election Commission has today uploaded the data received from SBI on electoral bonds on its website ‘as is where is’ basis,” added the statement. The ECI underlined in its statement how committed it is to openness and information. According to the election authority, “It may be recalled that in the said matter, the ECI has consistently and explicitly considered transparency and disclosure in favour, a position that has been underscored in the Honourable Supreme Court’s proceedings and also mentioned in the orders.”

SBI Election Bond Data: The Election Commission received two sets of data from SBI. The first set contains the value, date, and name of the voter bond buyer. The political parties, bond issuance dates, and price ranges are listed in the second list.

Information that falls into primary categories includes the purchaser’s name and the amount donated through the bonds. This has to do with buying electoral bonds that range in price from ₹1 lakh to ₹10 lakhs to ₹1 crore.

Many businesses, including Megha Engineering and Infrastructure, Sun Pharma, Lakshmi Mittal, Future Gaming and Hotel Services (Lottery Martin), Sula Vineyards, DLF Commercial Developers, etc., are among the donors. Nearly all of India’s major political parties are mentioned as recipients on the list. The electoral bond list includes parties like the BJP, Congress, AITMC, BRS, AIDMK, TDP, VSR Congress, AAP, SP, JD(U), etc.

financial instruments introduced by the Government of India in 2018 as a means of making political donations transparent and reducing the use of cash in political funding. Here are some key points about electoral bonds:

1. Purpose: Electoral bonds were introduced to promote transparency in political funding by enabling individuals and companies to donate money to political parties without revealing their identities.
2. Anonymous Donations: One of the main features of electoral bonds is that they allow donors to contribute to political parties anonymously. This means that the identity of the donor is not disclosed to the public or the political party receiving the donation.
3. Purchase and Redemption: Electoral bonds can be purchased from specified branches of the State Bank of India (SBI) during specific periods announced by the government. These bonds can then be donated to registered political parties, who can encash them through their designated bank accounts within a specified period.
4. Denominations: bonds are available in multiple denominations, ranging from ₹1,000 to ₹1 crore or more, providing flexibility to donors based on their capacity to contribute.
5. Validity Period: Electoral bonds have a limited validity period during which they can be encashed by political parties. If the bonds are not encashed within the specified time frame, they become invalid and cannot be redeemed.
6. Legal Framework: The issuance and regulation of electoral are governed by the Electoral Bond Scheme introduced by the Government of India. This scheme outlines the procedures and rules related to the issuance, purchase, redemption, and reporting of electoral bonds.
7. Controversies and Criticisms: Electoral bonds have faced criticism from some quarters, with concerns raised about the anonymity of donors, lack of transparency in political funding, and the potential for misuse or influence by corporates. Critics argue that the system undermines the principles of democratic accountability and transparency in electoral processes.

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