ADR's findings reveal that electoral bond scheme brought a windfall for the ruling BJP ahead of Lok Sabha Elections 2019.
The
Supreme Court will on April 10 hear a plea challenging the validity
of the Centre's decision on issuance of electoral bonds for political
funding. Several NGOs, Opposition parties, and even the Election
Commission of India have raised concerns over the use of electoral
bonds, which is a bearer Banking Instrument to be used for funding
eligible political parties.
Association
for Democratic Reforms (ADR) recently filed an application in the
court seeking a stay on the Electoral
Bond Scheme. It said that amendments carried out in the relevant
Acts have "opened the floodgates to unlimited corporate
donations to political parties and anonymous financing by Indian as
well as foreign companies, which can have serious repercussions on
the Indian democracy".
ADR's
findings reveal that the scheme brought a windfall for the ruling
BJP. According to audit reports and income tax reports submitted by
parties to the Election Commission, the BJP has been the biggest
beneficiary of electoral bonds, garnering 94.5% of the bonds worth
around Rs 210 crore. Opposition parties like Congress, Trinamool
Congress and CPI(M) are opposed to electoral bonds, alleging that it
would benefit only the ruling BJP.
In
an RTI response to Pune-based Vihar Durve, SBI said in 2018 it had
sold bonds worth Rs 1056.73 crore in March, April, May, July,
October, November. In January and March 2019 the bank sold Electoral
Bonds worth Rs 1716.05 crore, the response said. The sale shows an
increase of 62 per cent from those sold during 2018.
Ruling
BJP bags majority of the funds
The
BJP’s audit and income tax reports submitted to the Election
Commission of India list voluntary contribution of “Rs
210,00,02,000 through electoral bonds." Electoral bonds worth a
total of Rs 222 crore were issued in the maiden tranche of the scheme
in March 2018.
ADR's
report shows of the Rs 215 crore generated through the banking
instruments in 2017-18, the ruling party secured Rs 210 crore and the
opposition Congress Rs 5 crore.
Referring
to research and data compiled on the issue, the NGO has said that
close to 97 per cent of all the bonds purchased so far were in
denomination of Rs 10 lakh and Rs 1 crore with no demand for bonds of
smaller denominations.
