The issue of electoral bonds has been in discussion for many days. Electoral bonds were introduced to bring transparency in the method of fundraising of political parties.
Electoral Bonds SC Verdict
The issue of Electoral Bonds has been in discussion for many days. Electoral bonds were introduced to bring transparency in the method of fundraising of political parties. But today the Supreme Court has canceled the Electoral Bond Scheme as unconstitutional.
Keeping electoral bonds confidential is a violation of Article 19(1) of the Constitution and right to information, the Supreme Court said.
A bench headed by CJI DY Chandrachud, Justice Sanjiv Khanna, Justice B. R. Gavai, Justice J. B. Pardiwala and Justice Manoj Mishra. The Supreme Court has said that people have the right to know where the money of political parties comes from and where it goes.
The Electoral Bond Scheme was launched in 2018. However, its validity was challenged in the Supreme Court in 2019 itself. Three petitioners had filed a petition against this plan. At the same time, the central government defended it and said that only legal money is given to political parties. At the same time, the government had argued that the motive behind concealing the identity of the donor was to protect him from political parties.
Delivering its judgment today, the Supreme Court ordered the State Bank of India (SBI) to immediately stop issuing electoral bonds. Along with this, the Election Commission has been asked to provide information about the electoral bonds purchased from April 12, 2019 till date.
How much money do the parties get?
Among those challenging the validity of electoral bonds was the Association for Democratic Reform (ADR). The ADR has claimed that from March 2018 to January 2024, political parties received donations of over Rs 16,492 crore through electoral bonds.
According to the 2022-23 audit report filed with the Election Commission, the BJP has received more than Rs 1,294 crore in donations through electoral bonds. So his total earnings were 2,360 crores. That is, 40 percent of BJP’s total income was from electoral bonds.
BJP earns the most from electoral bonds
The most dangerous thing about electoral bonds is that they benefit the ruling party the most. The statistics also reveal the same. According to the ADR report, between 2017-18 and 2021-22, the BJP received donations worth Rs 5,271 crore through electoral bonds. While 2019-20 received maximum donation. It was an election year and the BJP received Rs 2,555 crore in donations from election bonds.
The number of donations to the party increases during assembly elections. In 2021 assembly election in West Bengal, then ruling party TMC received Rs 528 crore funding from electoral bonds.
What are the options now?
In the absence of electoral bonds, donations were made to parties through cheques. The parties had to inform the Election Commission about the name and amount of the donor. Also parties used to have a receipt book about four decades ago. Taking this book, party workers used to go door to door to collect donations from people.
After the abolition of electoral bonds, parties have other avenues through which they can earn money. This includes money from donations, crowd funding and membership. Apart from this, parties also earn money from corporate donations. Big entrepreneurs and businessmen donate to political parties.
Also read this:
• Electoral Bonds Explained: What is Electoral Bond; When did it start, what was its purpose?
• Citizenship Amendment Act: What is CAA, History of CAA, Who opposed the CAA
