By NewsBlogger The Election Commission of India and the Supreme Court have taken steps to enhance transparency and disclosure regarding electoral bonds. Recent data reveal significant contributions and encashments by political parties and donors.
At a glance
- The Election Commission of India enhances transparency and disclosure regarding electoral bonds.
- Data released covers the period from April 12, 2019, to February 15, 2024
- State Bank of India reveals Future Gaming and Hotel Services PR as the largest donor
- Bharatiya Janata Party encashes the highest value of electoral bonds
- Supreme Court declares electoral bonds scheme “unconstitutional” on February 15
The details
The Election Commission of India recently took steps to enhance transparency and disclosure regarding electoral bonds, in response to a Supreme Court ruling.
Just before the court-imposed deadline of March 15, the Commission uploaded data received from the State Bank of India onto its website.
This action aligned with the Supreme Court’s directive and demonstrates the Election Commission’s commitment to transparency in this area.
Data Release and Request for Disclosure
The data released by the Election Commission covers the period from April 12, 2019, to February 15, 2024. Additionally, the Commission has requested the Supreme Court to allow the disclosure of data from the previous period for public scrutiny.
A five-judge Constitution Bench, led by Chief Justice of India D Y Chandrachud, is expected to address this request.
The State Bank of India revealed the full list of donors, with Future Gaming and Hotel Services PR, managed by Santiago Martin, emerging as the largest donor to political parties during the specified period.
They contributed ₹1,368 crores through electoral bonds.
The Bharatiya Janata Party encashed the highest value of electoral bonds, totaling ₹6,060.5 crore, which accounted for over 47.5% of the total bonds encashed.
The All India Trinamool Congress and the Congress were the second and third largest beneficiaries in terms of encashment.
Top Donors and Encashment
Among the top ten donors, notable mentions include Megha Engineering and Infrastructures Limited, Qwik Supply Chain Private Limited, Haldia Energy Limited, and Vedanta Limited.
The data indicates that donors purchased electoral bonds worth over ₹12,155 crore, with political parties subsequently encashing more than ₹12,769 crore.
In a significant development, the Supreme Court declared the electoral bonds scheme as “unconstitutional” on February 15. This decision prompted the State Bank of India to provide detailed data on 22,217 electoral bonds issued between April 2019 and February 15, 2024. The Court also denied SBI’s request for an extension to submit data on the sale and redemption of poll bonds, emphasizing the need for transparency and accountability in electoral financing.
The recent disclosures and actions taken by the Election Commission of India and the Supreme Court highlight the complexities and implications of electoral bond transactions.
These events underscore the importance of transparency and accountability in political funding, emphasizing the need for continued scrutiny and oversight in this critical aspect of democratic governance.
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Sources
Facts attribution
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| indianexpress.com |
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| – The Election Commission uploaded data received from the State Bank of India on electoral bonds on its website – This action was taken in compliance with a Supreme Court order – The data was uploaded just a day before the court-mandated deadline of March 15 – The Election Commission has consistently supported disclosure and transparency in this matter – The full list of donors was disclosed by the State Bank of India and made public by the Election Commission |
| indianexpress.com |
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| – Election Commission of India released data on electoral bonds issued from April 12, 2019 to February 15, 2024 – ECI approached the Supreme Court to return data on the preceding period for public disclosure – A five-judge Constitution Bench presided by Chief Justice of India D Y Chandrachud is likely to take up the ECI application – ECI submitted details of poll bonds sold and encashed before April 12, 2019 to the Supreme Court – Supreme Court rejected SBI’s request for more time to furnish data on sale and redemption of poll bonds – Bench asked ECI to publish earlier data as well, noting that copies would be maintained in the Office of the ECI – ECI urged the court to modify the March 11 order as it had not retained any copies of the documents for confidentiality – ECI said the court will have to return the sealed cover documents to upload the details – Supreme Court had directed SBI to give ECI data by March 6 and ECI was instructed to publish the data by March 13 – ECI uploaded the data on its website and stated that it has consistently weighed in favor of disclosure and transparency |
| thehindu.com |
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| – Future Gaming and Hotel Services PR, managed by Santiago Martin, was the largest donor to political parties between April 12, 2019 and January 24, 2024, donating ₹1,368 crores through electoral bonds. – The Bharatiya Janata Party encashed electoral bonds worth ₹6,060.5 crore, the highest among all parties, with a share of over 47.5% of total bonds encashed. – The All India Trinamool Congress received ₹1,609.50 crore, followed by the Congress with ₹1,421.9 crore, as the second and third biggest parties in terms of encashment during the period. – Overall, 22 donors contributed more than ₹100 crore during this period. – Megha Engineering and Infrastructures Limited was second on the list of donors, having donated ₹966 crore. – Other firms in the top ten donor list included Qwik Supply Chain Private Limited, Haldia Energy Limited, Vedanta Limited, Essel Mining and Industries Limited, Western UP Power Transmission Company Limited, Bharti Airtel Limited, and Keventer Foodpark Infra Ltd. – Major buyers of electoral bonds included Grasim Industries, Megha Engineering, Piramal Enterprises, Torrent Power, DLF Commercial Developers, Apollo Tyres, Lakshmi Mittal, Edelweiss, PVR, Sula Wine, Welspun, and Sun Pharma. – Electoral bonds worth over ₹12,155 crore were purchased by donors in this period, with more than ₹12,769 crore encashed by all parties. – The Supreme Court scrapped the electoral bonds scheme on February 15, terming it “unconstitutional”. – The SBI submitted data to the ECI on electoral bonds purchased since April 12, 2019, till date, as directed by the Supreme Court. – The SBI submitted data on 22,217 electoral bonds issued between April 2019 and February 15, 2024, with political parties redeeming 22,030 bonds. |
