Page 2 - Electoral Bond

'Everyone will regret it': PM Modi on scrapping of electoral bonds scheme

Prime Minister Narendra Modi defended the electoral bonds scheme during an interview with ANI, said it was aimed to curb black money during elections

Plea in SC seeks review of verdict scrapping BJP's electoral bonds scheme

A plea has been filed in the Supreme Court seeking review of its February 15 verdict, which had scrapped the Modi government's electoral bonds scheme of anonymous political funding. The review plea filed by advocate Mathews J. Nedumpara submitted that this Court entertained the petition (against the scheme) and struck down the law and the scheme without noticing that in doing so it is acting as an appellate authority over Parliament, substituting its wisdom on a matter which falls in the exclusive province of legislative and executive policy. "The court failed to notice that even assuming the issue is justiciable, the petitioners therein having not claimed any specific legal injury exclusive to them, their petition could not have been decided as if a private litigation for the enforcement of rights which are specific and exclusive to them," Nedumpara submitted in his plea. He said the Court failed to notice that the public opinion could be sharply divided and the majority of the ...

CBI FIR against second-biggest electoral bond buyer Megha Engineering

The CBI has registered an FIR against Hyderabad-based Megha Engineering and Infrastructure Ltd, which was the second-biggest buyer of electoral bonds worth Rs 966 crore, in an alleged bribery case. Eight officials of the NISP and NMDC and two officials of MECON were also named in the FIR for receiving alleged bribe of around Rs 78 lakh in clearing bills of Rs 174 crore of Megha Engineering in connection with works related to Jagdalpur integrated steel plant, officials said Saturday. Megha Engineering had emerged as the second-biggest buyer of electoral bonds and donated the highest amount of about Rs 586 crore to the BJP, according to the data released by the Election Commission on March 21. The company also donated Rs 195 crore to BRS, Rs 85 crore to DMK, and Rs 37 crore to YSRCP. The TDP got about Rs 25 crore from the company, while the Congress got Rs 17 crore. The JD-S, Jana Sena Party and the JD-U got smaller sums ranging from Rs 5 crore to Rs 10 crore. According to the FIR ma

SBI refuses to disclose details of electoral bonds under RTI Act

The State Bank of India (SBI) has refused to disclose under the RTI Act the details of the electoral bonds furnished to the Election Commission (EC), claiming that it is personal information held in a fiduciary capacity, even though the records are in the public domain on the poll panel's website. Holding that the electoral bonds scheme was "unconstitutional and manifestly arbitrary", the Supreme Court directed the SBI on February 15 to furnish the complete details of the bonds purchased since April 12, 2019 to the EC, which would publish the information on its website by March 13. On March 11, the court dismissed the SBI's petition seeking an extension of the deadline and ordered it to disclose the details of the electoral bonds to the EC by the close of business hours on March 12. RTI activist Commodore (retired) Lokesh Batra approached the SBI on March 13 seeking the complete data of the electoral bonds in the digital form, as provided to the EC after the Supreme Court's order.

Electoral bond scheme 'muddied waters' of political donations: Congress

The Congress on Wednesday cited a media report which claimed that at least 20 newly incorporated firms purchased electoral bonds worth about Rs 103 crore, as it alleged that the Narendra Modi government's scheme deliberately "muddied the waters" of corporate political donations. Congress general secretary Jairam Ramesh cited a report by The Hindu, which said that despite companies in existence for less than three years not being allowed to make political contributions, data shows that at least 20 such newly incorporated firms purchased poll bonds worth about Rs 103 crore. Ramesh alleged there are four primary channels of corruption in the "electoral bond scam" and everyday a new dimension emerges to the "PayPM Scam", "confirming the shocking reality of the corruption which has engulfed this country through Narendra Modi's encouragement". "An update on the 'Farzi Companies' who have been donating chanda to political parties - 1.Chanda Do, Dhandha Lo. 2.Theka Lo, Rishvat Do 3.Hafta .

SBI billed govt Rs 10.68 crore as 'commission' for electoral bonds

The amount was charged across 30 phases with fees ranging from Rs 1.82 lakh to Rs 1.25 crore

Nation paid price for BJP's compulsion to get 'chanda' at all costs: Cong

The Congress on Thursday alleged that the BJP's compulsion to get donations at all costs saw it go ahead with the electoral bonds scheme without heeding RBI's astute advice, as it claimed that over Rs 430 crore was donated to the ruling party by 33 companies that had negative or near zero profit. Congress general secretary Jairam Ramesh shared a media report on X which claimed that 33 loss-making firms donated electoral bonds worth Rs 582 crore with 75 per cent going to the Bharatiya Janata Party (BJP). "There are four primary channels of corruption in the Electoral Bond Scam, and with each passing day, more examples emerge to confirm the shocking reality of the corruption which has engulfed this country through Narendra Modi's encouragement," Ramesh alleged. "An update on the latest revelations on the 'Farzi Companies' who have been donating chanda to the BJP Chanda Do, Dhandha Lo; Theka Lo, Rishvat Do; Hafta Vasuli; Farzi Companies," he said in a post on X. Ramesh claimed that Rs

'SBI refuses to disclose SOP for sale, redemption of electoral bonds'

The State Bank of India (SBI) has refused to disclose its standard operating procedure for the sale and redemption of the electoral bonds that were issued to its authorised branches, citing the exemption given under "commercial confidence", according to an RTI response. In an application filed under the Right to Information (RTI) Act, transparency activist Anjali Bhardwaj had sought the details of the standard operating procedure issued to the SBI's authorised branches on the sale and redemption of the electoral bonds. "Standard Operating Procedures (SOPs) of Electoral Bond Scheme-2018 issued to authorised branches from time to time are internal guidelines with regard to sale and redemption of electoral bonds (meant for internal circulation only), which is exempted under section 8(1)(d) of the Right to Information Act," the response from M Kanna Babu, the central public information officer and deputy general manager of the SBI, said on March 30. Section 8(1)(d) of the Act exempts fr

Congress hits out at PM Modi over his remarks on electoral bonds issue

The Congress on Monday hit out at Prime Minister Narendra Modi over his remarks on the electoral bonds issue, claiming that while the corruption of his government had been known for a while, the setback is that there are now "hard numbers to prove it". Prime Minister Modi on Sunday rejected the suggestion that the electoral bond issue caused a setback to his government, saying no system is perfect and any shortcoming could be improved upon. In an interview with Thanthi TV, he also said those who are "dancing" over the matter will repent it. Congress general secretary Jairam Ramesh attacked Modi over his remarks and charged, "Every single day the prime minister scales new heights of hypocrisy and plumbs new depths of dishonesty". "The prime minister has fully lied to the nation in his latest interview to a Tamil television channel. He claims that 'where funds have come from, how they are being used' is only known due to the Electoral Bond Scheme instituted by him," Ramesh said and p

'I-T notice to Cong on orders of Centre after electoral bonds scam bust'

Mumbai Congress chief Varsha Gaikwad on Sunday dubbed the fresh notice from the income tax department for payment of Rs 1,823 crore a bid for extortion and an act of revenge by the Central government after the BJP's electoral bonds "scam" was exposed. "The Income Tax notice was issued on the orders of the Central government. Why didn't the I-T department serve a notice to the BJP?" Gaikwad questioned while speaking to reporters. She alleged the BJP-led "dictatorial regime" was making a last-ditch attempt to weaken the Congress financially sensing imminent defeat in elections. "After freezing all bank accounts of the Congress party, the I-T department has sent a notice of Rs 1,823 crore," the Congress MLA said. She said ahead of the poll code, the I-T department froze 11 bank accounts of the Congress and took out Rs 135 crore directly. "Another notice of Rs 1,823 crore was served after the election schedule was announced," she added. "All this has been done out of revenge after the

Uddhav Thackeray slams BJP over electoral bond issue, Bawankule hits back

Shiv Sena (UBT) chief Uddhav Thackeray on Sunday attacked the BJP over the electoral bonds issue, terming it "Bhrasht Janata Party" and said that its real face has been exposed before the people. The former Maharashtra chief minister also attacked Prime Minister Narendra Modi over the BJP's 'Modi Ka Parivar' campaign, saying he does not understand the meaning of "parivar" (family) as one has to take responsibility of a 'parivar'. "When I was the chief minister during Covid, I made a resolve that 'mera parivar, meri zimmedaari' (my family, my responsibility). There is only you and the chair in your 'parivar'," Thackeray said at a press conference. The Shiv Sena (UBT) chief, who is in Delhi to take part in the INDIA bloc's 'Save Democracy' rally, claimed the BJP does not have any real issue now as its "mask is off" with the details of electoral bonds coming to light. "It has emerged that the BJP is the most corrupt party. It is the 'Bhrasht Janata Party'. Their real face has been ...

Priyanka Gandhi accuses govt of 'pressuring' judiciary after bonds verdict

Congress leader Priyanka Gandhi Vadra on Saturday accused the Centre of "pressuring" the judiciary after the Supreme Court struck down the electoral bonds scheme and wondered whether the Narendra Modi government does not approve of an independent and strong judiciary. The Congress general secretary's remarks come two days after Prime Minister Modi criticised the grand old party in reaction to more than 600 lawyers writing to the Chief Justice of India, alleging that a "vested interest group" is trying to put pressure on the judiciary and defame courts. Modi on Thursday said it was a "vintage Congress culture" to browbeat and bully others. In a post in Hindi on X, Priyanka Gandhi said, "The manner in which the judicial system is being pressured by getting letters written after seeing the layers of scams being exposed by a decision of the Supreme Court on electoral bonds (which the public is calling 'extortion racket'), and then the prime minister himself entering the arena and making

Printing of 10k electoral bonds worth Rs 1 cr each stopped after SC ruling

Three days before the apex court struck down the electoral bonds scheme, the Finance Ministry had approved the printing of the bonds

Kejriwal arrested to divert attention from electoral bonds scam: Kerala CM

Kerala Chief Minister Pinarayi Vijayan on Sunday said the electoral bonds scam is the biggest corruption ever witnessed in India and added the BJP government at the Centre arrested his Delhi counterpart Arvind Kejriwal to divert attention from the same. Addressing the third consecutive rally organised here by the CPI(M) against the contentious Citizenship (Amendment) Act (CAA), Vijayan alleged the BJP-led Central government and the Sangh Parivar give scant regard to the rule of the law in the country. He alleged that the Sangh Parivar was trying to take control of the Constitutional institutions and even threatening the country's judiciary. "The Union government, BJP, Sangh Parivar, they all very well know that the Supreme Court order on the electoral bond scam was harmful to them. They wanted to divert the attention from this topic and for that they have arrested Delhi CM Arvind Kejriwal," Vijayan said. The chief minister said when the idea of electoral bonds was floated, the CPI(

Best of BS Opinion: Electoral bonds disclosure, NDA govt's policies, more

Here is the best of Business Standard's opinion pieces for today

Electoral bonds: Where are the disclosures?

For those who have donated, the question is: Where are the disclosures to shareholders?

38 corporates donated Rs 2,004 cr to BJP via electoral bonds: Priyanka

She added for the first time in the country's history, a sitting government turned all the agencies at its disposal, as well as the entire system of the country into an 'extortion racket'

Opaque electoral bond scheme ensured bribes through banks, says Congress

Stepping up its attack on the BJP-led government over the electoral bonds issue, the Congress on Saturday said the "opaque scheme" ensured that prepaid, postpaid and even post-raid bribes could be routed through the banking channel. The opposition party also reiterated its demand that there should be a Supreme Court-monitored inquiry into the issue. At a press conference, Congress general secretary Jairam Ramesh alleged that this is the prime minister who gave a guarantee of 'bringing back black money' and instead "legalized corruption and is then desperately trying to hide it". The opposition party also released a "python code" due to which, it claimed, it took less than 15 seconds to match the donors with political parties, "exposing the brazen and ridiculous claim of the SBI that it would take months to provide the data asked by the Supreme Court". The Congress has highlighted four patterns of "blatant corruption" in the electoral bonds scam -? "Chanda Do, Dhanda Lo i.e. Prepaid

Delhi excise policy case: AAP demands clarity on money trail from ED

AAP leaders have also raised questions about the links between the approver Sarath Chandra Reddy and the BJP, highlighting large donations made by the head of Aurobindo Pharma via electoral bonds

Intention behind electoral bonds was good, all parties need funds: Gadkari

Union minister Nitin Gadkari has said it was not possible to run a political party without funds, and added that the Centre had introduced the electoral bonds scheme, now struck down as unconstitutional by the Supreme Court, in 2017 with a "good intention". The senior Bharatiya Janata Party (BJP) leader said all political parties need to sit together and deliberate if the Supreme Court gives any further direction on the matter. He made the comments at an event organised by a media house in GIFT City near Gandhinagar on Friday. "When Arun Jaitely was (Union finance) minister, I was part of that discussion (regarding electoral bonds). No party can survive without resources. In some countries, governments fund political parties. There is no such system in India. Thus, we chose this system of financing political parties," said Gadkari on a question about electoral bonds. He noted the main intention behind introducing electoral bonds was that political parties get funds directly, but th