What is an Electoral Bond?
In the electoral bond scheme, any
individual or institution used to buy bonds from SBI Bank and give them as a
donation to political parties, the electoral bond scheme was to bring
transparency in political funding as an alternative to cash donations to
political parties, political parties used to get money by redeeming these bonds
in the bank.
When did it apply?
Electoral bonds were introduced in 2018.
The central government had implemented it on January 2, 2018
Which parties could receive the donations?
Electoral bonds were entitled to be donated
to a party that had secured at least 1% of the votes polled in Lok Sabha or
Assembly elections.
How and for what amount were these bonds purchased?
Electoral bonds can be purchased by any
person from designated branches of SBI. The bonds are issued in multiples of Rs
10, Rs 1,000, Rs 10,000 and Rs 1 crore.
In how many days could these bonds be redeemed?
The bonds were to be encashed within 15
days from the date of purchase, after 15 days it was cancelled. And the
identity of the bond buyer was kept secret, and no tax was levied on the amount.
Supreme Court's landmark decision
The Supreme
Court on Thursday banned the electoral bond scheme, calling it illegal. The
Constitution bench said that anonymous electoral bonds violated the
right to information and Article 19(1)(a). People have every right to know about
the donations given to political parties. The Supreme Court had asked SBI Bank
to submit a report within three weeks. SBI will have to give information to the
Election Commission about all the electoral bonds purchased since April 12,
2019. The Election Commission will make this information public on its website.
Which party received how much donations from electoral bonds (rupees)
Bharatiya Janata Party - 60,605,111,000.00
All India
Trinamool Congress - 16,095,314,000.00
President,
All India Congress Committee - 14,218,655,000.00
India
Rashtra Committee - 12,147,099,000.00
Biju Janata
Dal - 7,755,000,000.00
DMK Party
in Parliament – 6,390,000,000.00
YSR
Congress Party (Yuvajana Sramika R) - 3,370,000,000.00
Telugu
Desam Party - 2,188,800,000.00
Shiv Sena
(Political Party) - 1,583,814,000.00
Rashtriya
Janata Dal - 725,000,000.00
Aam Aadmi
Party - 654,500,000.00
Janata Dal
(Secular) - 435,000,000.00
Sikkim
Krantikari Morcha - 365,000,000.00
Nationalist
Congress Party Parliament – 305,000,000.00
Janasena
Party - 210,000,000.00
Samajwadi
Party - 140,500,000.00
Bihar
Pradesh Janata Dal (United) - 140,000,000.00
Jharkhand
Mukti Morcha - 135,000,000.00
Shiromani
Akali Dal - 72,600,000.00
Sikkim
Democratic Front - 55,000,000.00
Rashtriya
Janata Dal - 10,000,000.00
Shiv Sena -
10,000,000.00
Maharashtrawadi
Gomantak Party - 5,500,000.00
Jammu &
Kashmir National Conference - 5,000,000.00
Nationalist
Congress Party Maharashtra State - 5,000,000.00
Goa Forward
Party - 3,500,000.00
Most big
companies have given these donations, some for big contracts and some to avoid
raids.