Electoral Bonds Data: SBI Disclosure of Electoral Bonds ECI Election Commission Uploads Electoral Bonds Data On Website As Per Supreme Court’s Direction Election Commission uploads electoral bonds data furnished by SBI

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Electoral Bonds Data: SBI Disclosure of Electoral Bonds ECI Election Commission Uploads Electoral Bonds Data On Website As Per Supreme Court’s Direction Election Commission uploads electoral bonds data furnished by SBI following Supreme Court order. EC uploads electoral bonds data shared by SBI on its website Electoral bonds data released: EC makes public donors list after SC order ECI publishes details of electoral bond data on its website: See full list

The Electoral Bond Scheme, 2018, was introduced by the Government of India as a mechanism for political funding with the aim of promoting transparency and curbing the use of black money in elections. Here are some key aspects of the scheme:

  1. Issuance: Electoral Bonds are issued by specified branches of the State Bank of India (SBI) in certain denominations ranging from ₹1,000 to ₹1 crore. These bonds can be purchased by any Indian citizen or entity incorporated in India.
  2. Anonymity: One of the notable features of the scheme is the anonymity it provides to donors. The identity of the donor is known only to the bank, and not to the recipient political party or the public. This was intended to protect donors from potential backlash or victimization.
  3. Encashment: Political parties can encash these bonds within a specified period of time. The bonds can only be encashed through designated bank accounts, ensuring transparency in the process.
  4. Validity: Electoral Bonds have a limited validity period, typically 15 days from the date of issuance. If they are not encashed within this period, they become void.
  5. Regulatory Framework: The Electoral Bond Scheme, 2018, is governed by various rules and regulations prescribed by the Reserve Bank of India (RBI) and the Government of India. The scheme has undergone revisions and amendments since its introduction to address various concerns and improve transparency.

Criticism of the scheme primarily revolves around the anonymity it provides to donors, which critics argue undermines transparency in political funding. Additionally, concerns have been raised about the potential for misuse and the lack of disclosure requirements for political parties receiving these bonds.

Despite the criticisms, the Electoral Bond Scheme, 2018, remains in place as a significant mechanism for political funding in India.

Electoral Bonds are a financial instrument introduced by the Government of India in 2018 as a way to make political funding more transparent. These bonds are essentially bearer bonds that can be purchased by any Indian citizen or company incorporated in India. They can then be donated to political parties, who can encash them through designated banks.

Here’s how the Electoral Bonds system works:

  1. Purchasing: Electoral Bonds can be purchased from specified branches of State Bank of India (SBI) during specified periods. They are issued in multiples of ₹1,000, ₹10,000, ₹1,00,000, ₹10,00,000, and ₹1,00,00,000.
  2. Anonymity: One of the key features of Electoral Bonds is the anonymity of the donor. The identity of the donor is kept confidential, and only the political party receiving the bond knows who the donor is.
  3. Encashment: Political parties can encash these bonds within 15 days of receiving them, but only through a designated bank account. The identity of the donor remains unknown to the public.
  4. Validity: Electoral Bonds remain valid for 15 days from the date of issuance. If they are not encashed within this period, they become worthless.

Critics of the Electoral Bonds system argue that it lacks transparency since the identity of donors is not disclosed to the public. They also argue that this anonymity could potentially lead to corruption or influence peddling. However, proponents argue that it helps in curbing black money in political funding and protects donors from potential backlash or victimization.

The usage and impact of Electoral Bonds remain a topic of debate in Indian political and legal circles.

The recent publication of electoral bond data by the Election Commission of India (ECI) sheds light on the significant sums involved and the beneficiaries of the controversial scheme. Here’s a breakdown of the key points from the released data:

  1. BJP Dominance: The Bharatiya Janata Party (BJP) emerged as the primary beneficiary of the electoral bond scheme, having encashed bonds worth ₹6,060 crore from April 12, 2019, to January 11, 2024.
  2. Congress and Trinamool Congress: The Congress party lagged significantly behind, coming in third with ₹1,422 crore, while the Trinamool Congress secured the second position with bonds worth ₹1,609 crore.
  3. Other Beneficiaries: Several other political parties also benefited from the scheme, including the Bharat Rashtra Samithi (BRS), Aam Aadmi Party (AAP), Biju Janata Dal (BJD), DMK, AIADMK, TDP, Shiv Sena, NCP, JD(S), Shiromani Akali Dal, Samajwadi Party, and Bihar Pradesh JD (U).
  4. Top Donors: Future Gaming and Hotel Services topped the list of donors, contributing ₹1,368 crore. Other significant donors included Megha Engineering and Infrastructure Ltd (₹966 crore), Qwik Supply Chain (₹410 crore), Vedanta (₹400 crore), and Haldia Energy (₹377 crore). Notably, known Adani or Ambani public companies were absent from the list of donors.
  5. Individual Contributions: Kiran Mazumdar Shaw made a contribution of about ₹6 crore in her individual capacity.
  6. Disclosure and Transparency: The ECI emphasized its commitment to disclosure and transparency by publishing the data as received from the State Bank of India (SBI) on its website. The move aligns with the Supreme Court’s directions regarding transparency in electoral funding.
  7. Confidentiality Concerns: Despite the transparency initiative, concerns about confidentiality remain, prompting the ECI to seek permission from the Supreme Court to secure confidential documents related to the electoral bonds data provided by SBI.
  8. Compliance Affidavit: Following SBI’s submission of electoral bond details, the ECI filed a compliance affidavit in the Supreme Court. It was revealed that unencashed electoral bonds were transferred to the Prime Minister’s National Relief Fund.

Overall, the release of electoral bond data provides insight into the financial dynamics of Indian politics and underscores the ongoing debate surrounding transparency and accountability in electoral funding.

Image Source: https://www.thehindubusinessline.com/news/national/election-commission-release-electoral-bonds-data-bjp-trinamool-congress-major-beneficiaries/article67951885.ece

Electoral Bonds Data: SBI Disclosure of Electoral Bonds ECI

Disclosure of Electoral Bonds: https://www.eci.gov.in/disclosure-of-electoral-bonds

Details of Electoral Bonds submitted by SBI Part- I Purchaser Name

details-of-electoral-bonds-submitted-by-sbi-part-iDownload

Details of Electoral Bonds submitted by SBI Part- II Name of the Political Party

details-of-electoral-bonds-submitted-by-sbi-part-iiDownload

Electoral Bonds Data: SBI Disclosure of Electoral Bonds ECI Election Commission Uploads Electoral Bonds Data On Website As Per Supreme Court’s Direction Election Commission uploads electoral bonds data furnished by SBI following Supreme Court order. EC uploads electoral bonds data shared by SBI on its website Electoral bonds data released: EC makes public donors list after SC order ECI publishes details of electoral bond data on its website: See full list

The release of electoral bonds data by the State Bank of India (SBI) and its subsequent upload by the Election Commission of India (ECI) onto its website, following a directive from the Supreme Court. This move aims to enhance transparency in political funding by making information about electoral bond donations publicly accessible.

Electoral bonds are a financial instrument introduced in India to enable anonymous donations to political parties. However, concerns have been raised about the lack of transparency and accountability associated with this system. As a result, there have been legal challenges and demands for greater disclosure of information related to electoral bond transactions.

The Supreme Court’s order likely mandated the disclosure of electoral bond data to the Election Commission, which then uploaded this information onto its website for public scrutiny. This step is significant as it allows citizens to access details about the donors and recipients of electoral bonds, thereby promoting transparency in political funding.

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