Over 90% electoral bonds sold are of Rs 10 lakh, Rs 1 cr

BJP gets Rs 210 cr of Rs 222-cr bonds sold in FY18; donors remain anonymous

NEW DELHI(TIP): Notwithstanding the aim to bring in transparency in funding to political parties by giving an alternative to cash donations, the latest data reveals that after six rounds of sale of electoral bonds, donors continue to be anonymous, as the norms allow them to remain secretive.

Sources reveal that as per the data, despite being available in five denominations — Rs1,000, Rs10,000, Rs1 lakh, Rs10 lakh and Rs1 crore — more than 90 per cent of electoral bonds were sold in the top two units, which apparently were purchased by big business houses.

It is also learnt that the total number of bonds sold in six phases were 2,134 of which 2,007 went for higher denominations of Rs10 lakh and Rs1 crore, as they were mostly bought in metros like Mumbai, Hyderabad, Kolkata and the national capital.

Incidentally, for financial year 2017-18, the ruling BJP in its declaration to the Election Commission said it received an income of Rs210 crore from contribution through electoral bonds. Sources said during this period (2017-18) electoral bonds worth Rs 222 crore were sold. Therefore, it is clear from the figures that almost 95 per cent of the total bonds went to the BJP account.

On several occasions, experts and even the poll panel raised the issue of secrecy norm in the electoral bond, saying it will only cement the nexus between political parties and corporate donors.

As the government, while notifying the electoral bond scheme, had claimed it envisaged total clean money and substantial transparency coming into the system of political funding, the Election Commission had raised concerns and had written to the Law Commission in May 2017 over amendments in the Finance Act, 2017, which brought about changes in the Income Tax Act, the Companies Act, 2013, and the Representation of People Act, 1951, to enable the launch of the electoral bonds scheme.

Former Chief Election Commissioner OP Rawat is also reported to have talked about grey areas with respect to electoral bonds. “Earlier, we had expressed concern regarding transparency and the possibility of shell companies, which can buy electoral bonds,” he had said.

Donation process

Electoral bonds are available in five denominations: Rs 1,000, Rs 10,000, Rs 1 lakh, Rs 10 lakh and Rs 1 crore

Bonds will not carry the name of the payee and will be valid for 15 days

Can be used to donate funds to registered parties only

Can be encashed only through that party’s bank account

Denomination Bonds sold

Rs1 crore 950

Rs10 lakh 1,057

Rs1 lakh 25

Rs10,000 0

Rs1,000 2

(Source: Tribune)

Be the first to comment

The Indian Panorama - Best Indian American Newspaper in New York & Dallas - Comments