In a significant move to enhance transparency in political funding, the Election Commission of India has made public the data on electoral bonds, following the Supreme Court’s directive. This data, submitted by the State Bank of India (SBI), reveals the purchase of electoral bonds ranging from Rs 1,000 to Rs 1 crore since April 2019.
What are Electoral Bonds?
Electoral bonds are financial instruments that allow individuals and corporations to donate to political parties anonymously. They are available in denominations from Rs 1,000 to Rs 1 crore and can be purchased from authorized branches of the SBI⁶.
Recent Developments
The Election Commission recently uploaded the electoral bonds data on its website, showcasing the contributions made to various political parties. This move comes in compliance with the Supreme Court’s orders, aiming to bring more transparency to political financing⁴⁵.
Top Buyers and Political Influence
The data divulged by the Election Commission highlights the top buyers of electoral bonds from April 2019 to February 2024. It provides insight into the significant financial contributions that shape India’s political landscape, revealing the influential players in political financing¹.
Election Commission’s Compliance with the Supreme Court
The Election Commission has complied with the Supreme Court’s directions by uploading the SBI-provided data on electoral bonds on its website. This compliance is part of the efforts to ensure transparency in the electoral process and political funding².
Calls for Modification of the Supreme Court’s Order
The Election Commission has approached the Supreme Court to modify its order regarding electoral bonds. The commission seeks the return of documents, data, or information submitted in sealed covers to comply with the court’s directions³.
Conclusion
The publication of electoral bonds data marks a pivotal step towards accountability in political funding. It allows citizens to scrutinize the financial contributions that influence political parties and, ultimately, the democratic process. As India moves towards more transparent governance, the role of electoral bonds in political financing continues to evolve, reflecting the nation’s commitment to fair and open elections.