In a landmark judgment on political funding, the Supreme Court on Thursday termed the electoral bonds scheme as “unconstitutional”, because it violates the Constitutional proper to freedom of speech and expression in addition to the appropriate to info. Know how a lot cash electoral bonds have collected and the way a lot contribution every political occasion has acquired.
Total Funding Received Under Electoral Bonds So Far
The electoral bonds have seen a complete contribution of Rs 16,518 crore direct to varied political events between Phase-1 and Phase-30 tranches, MoS Finance Pankaj Chaudhry mentioned in a written reply to a question within the Lok Sabha in the course of the simply-concluded finances session. Phase-XXX (or phase-30) was performed final month.
(*30*)On this, Rs 8.57 crore was paid by the federal government to State Bank of India as a fee for the issuance and redemption of the electoral bonds from Phase 1 and Phase 25. Apart from this, Rs 1.90 crore was additionally paid by the federal government to Security Printing and Minting Corporation of India Ltd (SPMCIL).
Funding To Each Political Party Through Electoral Bonds
Through electoral bonds, the ruling BJP acquired almost Rs 1,300 crore in 2022-23, which was seven instances greater than what the Congress acquired throughout the identical interval. The BJP’s whole contributions stood at Rs 2,120 crore in 2022-23, of which 61 per cent got here from electoral bonds, in accordance with the occasion’s annual audited report submitted to the Election Commission, in accordance with a PTI report.
The Congress earned Rs 171 crore from electoral bonds, which was down from Rs 236 crore in FY 2021-22. The BJP and the Congress are recognised nationwide events.
The Samajwadi Party, a recognised state occasion, had earned Rs 3.2 crore by electoral bonds in 2021-22. In 2022-23, it acquired no contributions from these bonds, the report added.
Another state recognised occasion, the TDP, earned Rs 34 crore by electoral bonds in 2022-23 which was up 10 instances from the earlier fiscal.
What Are Electoral Bonds, Who Was Eligible To Buy?
Electoral bonds have been pitched as a substitute for money donations made to political events as a part of efforts to convey transparency to political funding.
The bonds have been launched in 2017 to cleanse the system of political funding within the nation. In his Budget Speech on February 1, 2017, then finance minister Arun Jaitley mentioned: “Even 70 years after Independence, the country has not been able to evolve a transparent method of funding political parties which is vital to the system of free and fair elections…Political parties continue to receive most of their funds through anonymous donations which are shown in cash. An effort, therefore, requires to be made to cleanse the system of political funding in India.”
These bonds might be purchased by any citizen of India or entity integrated or established within the nation. An individual may purchase the bonds, both singly or collectively with different people.
The bonds won’t carry the identify of the payee. However, within the newest judgment, the Supreme Court ordered State Bank of India (SBI) to open up to the Election Commission the names of the contributors to the scheme.
A 5-choose Constitution bench headed by Chief Justice D Y Chandrachud on Thursday, February 14, 2024, directed that the SBI should disclose particulars of every electoral bond encashed by political events. The info ought to embrace the date of encashment and the denomination of the bonds and be submitted to the ballot panel by March 6.
The Election Commission ought to publish the knowledge shared by SBI on its official web site by March 13, the bench mentioned.
Which Political Parties Were Eligible To Receive Electoral Bonds?
Only the political events registered below Section 29A of the Representation of the People Act, 1951, and that secured not lower than one per cent of the votes polled within the final Lok Sabha or state elections, have been eligible to obtain the electoral bonds.
Electoral Bonds: The Supreme Court Judgment
Pronouncing the decision, the Supreme Court mentioned the electoral bond scheme is violative of the ‘right to freedom of speech and expression’ below Article 19(1)(a) of the Constitution.
“The electoral bonds scheme and the impugned provisions to the extent that they infringe upon the right to information of the voter by anonymising contribution through electoral bonds are violative of Article 19 (1)(a),” the CJI mentioned whereas announcing the decision.
The bench mentioned the basic proper to privateness additionally contains the residents’ proper to political privateness and affiliation.
It additionally held as invalid the amendments made in varied legal guidelines, together with the Representation of Peoples Act and the Income Tax legal guidelines.
The apex courtroom directed that the SBI shall cease issuing electoral bonds and submit particulars of bonds bought since April 12, 2019 until date to the Election Commission. It also needs to submit particulars of political events which have acquired contributions by electoral bonds since April 12, 2019 until date to the ballot panel.
(With Inputs from Agencies)
