Page 10 - Electoral Bond

Opaque electoral bonds scheme will destroy democracy: Petitioners to SC

Here's a lowdown on the important cases heard in the Supreme Court

LIVE: As geopolitical tensions rise, divisions becoming deeper, says UN

Catch all the latest updates LIVE from across the globe here

Ahead of electoral bond hearing, Chidambaram slams BJP on fund raising

With the Supreme Court set to commence hearing on a batch of pleas challenging the validity of the electoral bond scheme, Congress leader P Chidambaram on Monday alleged that the BJP has made its intentions clear that it will raise its funds from big corporates in an "opaque, secretive and conspiratorial manner." The BJP hit back at Chidambaram for his remark, saying it is piteous that Congress opposes any attempts made to ensure a more transparent and democratic political funding system. Chidambaram's attack on the BJP came after the Centre contended that the electoral bond scheme for political funding of parties contributes to clean money. Attorney General R Venkataramani told the Supreme Court that citizens did not have the right to information regarding the source of funds under Article 19(1)(a) of the Constitution. In a post on X, Chidambaram said, "On the eve of the hearing of the Electoral Bonds case, the BJP has made its intentions clear. The BJP will raise its funds from b

SC bench to hear pleas challenging electoral bond scheme from Oct 31

A five-judge constitution bench of the Supreme Court is scheduled to commence hearing from October 31 a batch of pleas challenging the validity of the electoral bond scheme for political funding of parties. The scheme, which was notified by the government on January 2, 2018, was pitched as an alternative to cash donations made to political parties as part of efforts to bring in transparency in political funding. According to the provisions of the scheme, electoral bonds may be purchased by any citizen of India or entity incorporated or established in India. An individual can buy electoral bonds, either singly or jointly with other individuals. The bench headed by Chief Justice DY Chandrachud is scheduled to take up the batch of four pleas including those filed by Congress leader Jaya Thakur and the CPI(M). The other members of the bench are justices Sanjiv Khanna, BR Gavai, JB Pardiwala and Manoj Misra. On October 16, the top court said, "In view of the importance of the issue ..

SC refers to 5-judge bench pleas challenging electoral bond scheme

The Supreme Court on Monday referred to a five-judge Constitution bench a batch of pleas challenging the validity of the electoral bond scheme for political funding of parties. A bench comprising Chief Justice D Y Chandrachud and justices J B Pardiwala and Manoj Misra said they have received an application that the matter being urgent be sent to a larger bench for a conclusive judgement. The bench said the matter will be taken up on October 30, the date of hearing fixed earlier. Earlier, the bench had taken note of the submissions of lawyer Prashant Bhushan that the matter needed adjudication before the electoral bond scheme opens for the 2024 general elections and had decided to fix it for final hearing. There are four PILs pending on the issue. One of the PIL petitioners had said in March that so far Rs 12,000 crore has been paid to political parties through electoral bonds and the two-third of the amount has gone to one major political party. Electoral bonds have been pitched a

The opacity of transparency: A deep dive into India's electoral bond system

ARCHIS MOHAN dives into India's electoral bond system, where political finance, corporate interests, and anonymity collide, sparking debates on transparency and the pulse of democracy

Electoral bonds are legalised bribery, golden harvest for BJP: Chidambaram

Senior Congress leader P Chidambaram on Saturday described electoral bonds as "legalised bribery" and claimed that, as their fresh tranche opens on October 4, it will be a "golden harvest" for the BJP. The government on Friday approved the issuance of the 28th tranche of electoral bonds that will open for sale for 10 days beginning October 4. The decision comes ahead of assembly elections in Rajasthan, Madhya Pradesh, Chhattisgarh, Telangana and Mizoram. The poll dates in these states are likely to be announced soon. In a post on X, Chidambaram noted that the 28th tranche of the electoral bonds will open on October 4 and said, "It will be a golden harvest for the BJP. Going by the past records, 90 per cent of the so-called anonymous donations will go to the BJP." "The crony capitalists will open their cheque books to write out their 'tribute' to the lord and master in Delhi," the former Union minister said. Electoral bonds are "legalised bribery", Chidambaram added. Electoral bon

Govt approves 28th tranche of electoral bonds, sale from October 4

The government on Friday approved the issuance of the 28th tranche of electoral bonds that will open for sale for 10 days beginning October 4. The decision comes ahead of assembly elections in Rajasthan, Madhya Pradesh, Chhattisgarh, Telangana and Mizoram. Poll dates are likely to be announced soon. Electoral bonds have been pitched as an alternative to cash donations made to political parties as part of efforts to bring transparency to political funding. "The State Bank of India (SBI), in the XXVIII Phase of sale, has been authorised to issue and encash electoral bonds through its 29 authorised branches (as per list enclosed) w.e.f. October 4-13," the finance ministry said in a statement. The sale of the first batch of electoral bonds happened in March 2018. The authorised SBI branches include those in Bengaluru, Lucknow, Shimla, Dehradun, Kolkata, Guwahati, Chennai, Patna, New Delhi, Chandigarh, Srinagar, Gandhinagar, Bhopal, Raipur, and Mumbai. SBI is the only authorised bank

Electoral Bonds form over half of donations to political parties: Report

More than half of all donations received by political parties between 2016-17 and 2021-22 were through Electoral Bonds and the BJP received more funds than all other national parties put together, a report by think tank Association for Democratic Reforms said. According to the ADR, donations worth around Rs 16,437 crore were received by the seven national parties and 24 regional parties in India between 2016-17 and 2021-22. Of this, Rs 9,188.35 crore -- around 56 percent -- were received through Electoral Bonds. The Bharatiya Janata Pary (BJP) declared donations worth Rs 10,122.03 crore between 2016-17 and 2021-22, followed by the Congress (Rs 1,547.43 crore) and the Trinamool Congress (Rs 823.30 crore), the report said. The total donations declared by the BJP is more than three times the total donations declared by all the other national parties, it said. Donations worth Rs 4,614.53 crore, about 28 per cent of the total, were received from the corporate sector and Rs 2,634.74 cro

EC launches portal for parties to file financial statements, contributions

The Election Commission on Monday came up with an online portal to allow registered political parties file their financial statements, including contribution reports and poll expenditure accounts, a move seen as an effort to bring in more transparency in disclosures made by political entities. The move is part of the poll panel's "3C strategy" comprising clean up, crackdown and compliance to strengthen transparency and accountability in the political funding and expenditure on which it had been working for a year now under Chief Election Commissioner Rajiv Kumar, sources said. Political parties not intending to file the financial report through online mode will have to convey the reasons for not doing so in writing and may continue to file reports in hard copy format along with CDs or pen drive in the prescribed formats. "The Commission will, in turn, publish all such reports online, along with a letter of justification sent by the party for not filing financial statements online,"

Govt authorises sale of 27th tranche of electoral bonds from Monday

The decision comes ahead of assembly elections of Rajasthan, Madhya Pradesh, Chhattisgarh, Telangana, and Mizoram

Govt approves issuance of 27th tranche of electoral bonds, sale from July 3

The government on Friday approved the issuance of the 27th tranche of electoral bonds that will open for sale on July 3. The decision comes ahead of assembly elections of Rajasthan, Madhya Pradesh, Chhattisgarh, Telangana and Mizoram. Poll dates are likely to be announced in a couple of months. Electoral bonds have been pitched as an alternative to cash donations made to political parties as part of efforts to bring transparency to political funding. State Bank of India (SBI), in the 27th phase of sale, has been authorised to issue and encash electoral bonds through 29 authorised branches from July 3-12, the finance ministry said in a statement. The sale of the first batch of electoral bonds happened on March 1-10, 2018. The authorised SBI branches include those in Bengaluru, Lucknow, Shimla, Dehradun, Kolkata, Guwahati, Chennai, Patna, New Delhi, Chandigarh, Srinagar, Gandhinagar, Bhopal, Raipur and Mumbai. SBI is the only authorised bank to issue electoral bonds. An electoral

Electoral bonds worth Rs 970 crore sold ahead of upcoming Cognizant

This time, sales at the SBI branch in Hyderabad were the highest, followed by Kolkata, Mumbai, Chennai, and New Delhi

10 regional parties received Rs 852 cr via electoral bonds: ADR report

Ten regional parties, including the DMK, BJD, YSR Congress, JDU and the AAP, have declared receiving Rs Rs 852.88 crore donations through electoral bonds in 2021-22, according to an NGO working for electoral reforms. The total income of 36 regional parties for the financial year was Rs 1,213 crore, the Association for Democratic Reforms (ADR) said in a report, citing official data. The report analysed the total income and expenditure incurred by 36 out of 54 regional parties during 2021-22, as declared by these parties in their audit reports submitted to the Election Commission on India. "Ten regional parties -- DMK, BJD, TRS, YSR-Congress, JDU, SP, AAP, SAD, MGP and TDP -- have declared receiving donations through electoral bonds worth Rs 852.88 crore...for 2021-22," it said. The TRS (Telangana Rashtra Samithi) has subsequently renamed as the Bharat Rashtra Samithi. The party is in power in Telangana. The Dravida Munnetra Kazhagam (DMK), which is currently in power in Tamil Nadu

Centre clears 26th tranche of electoral bonds; sale from Monday

Karnataka will for polls on May 10. Votes, as per the Election Commission schedule, will be counted on May 13

SC to decide if electoral bonds need to be referred to bench on April 11

The electoral bond scheme was implemented by the Centre in 2018 as a source of political funding

66% income of 7 national parties from electoral bonds, unknown source: ADR

More than 66 per cent of the total income of seven national parties in 2021-22 came from "unknown sources" like electoral bonds, which accounted for a whopping 83 per cent, according to the Association for Democratic Reforms (ADR). The seven parties -- BJP, Congress, TMC, NCP, CPI, CPI(M) and the National People's Party -- collected Rs 2,172 crore from unknown sources in 2021-22, the NGO working for electoral reforms said, citing official data. The income from unknown sources was 66.04 per cent of their total income. And, Rs 1,811.94 crore or 83.41 per cent of the income from unknown sources came through electoral bonds, it said. The "unknown" sources are income declared in the annual audit report by these parties but without giving the source of income, according to the ADR. At present, political parties are not required to reveal the name of individuals or organisations giving less than Rs 20,000 and those who donated via electoral bonds. The ADR stated such unknown sources incl

Bulk of over Rs 12,000 cr electoral bonds sold donated to BJP: Chidambaram

He further slammed the corporates for donating money through electoral bonds to the government

64.74% of electoral bonds redeemed between March 2018 and November 2022

An individual can buy bonds, either singly or jointly with other individuals. No limit exists on the number of electoral bonds that a person or corporate entity can purchase

Over 96% of TMC's income came from electoral bonds in 2021-22: Audit report

Over 96 per cent of income of the Trinamool Congress in 2021-22 came from electoral bonds, according to the party's annual audit report, which also showed that its income from these bonds rose from Rs 42 crore in 2020-21 to Rs 528.14 crore in 2021-22. An electoral bond is a financial tool for enabling donations to political parties. The report, which was released on Friday, stated that out of a total income of Rs 545.74 crore of the Trinamool Congress (TMC) in 2021-22, as much as Rs 528.14 crore came from electoral bonds. It also said that Rs 14.36 crore came from fees/subscriptions/collections from primary party members. The TMC showed Rs 42 crore income from electoral bonds in 2020-21, according to the report. The party's expenditure also rose after it won the assembly elections in West Bengal in 2021. The TMC's expenditure was Rs 132.52 crore in 2020-2021 which increased to Rs 268.33 crore in 2021-2022. The report was submitted to the Election Commission.