Electoral Bonds | India's Corruption History

 

In a dramatic turn of events, the Supreme Court of India delivered a resounding blow to the controversial Electoral Bonds scheme on February 15, 2024. Led by Chief Justice DY Chandrachud, a five-judge bench unanimously struck down the scheme, labeling it as unconstitutional. This landmark decision not only shattered the secrecy surrounding political funding but also exposed potential quid pro quo arrangements between corporations and politicians.

But the drama didn't end there. The State Bank of India found itself in hot water when it failed to meet the deadline to hand over crucial details of donors and recipients to the Election Commission of India. As the clock ticked, tensions soared as the SBI desperately sought more time from the court. However, justice prevailed, and the details were finally unleashed, sending shockwaves through the political landscape.

Now, the veil has been lifted, revealing the inner workings of political financing in India. With transparency restored, citizens are empowered with the knowledge they deserve, reshaping the future of democracy itself.

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Electoral Bonds, akin to Promissory Notes but with a twist of interest-free banking, revolutionized political funding in India. Open to all Indian citizens and registered organizations, these bonds were accessible post KYC verification by the RBI. Available in various denominations, they could only be purchased via cheque or digital payments from specific SBI branches.

Here's where the intrigue begins: within a tight 15-day window of issuance, these bonds could be redeemed by legally recognized political parties under the Representation of the People Act, 1951. But there's a catch - the party must have garnered at least 1% of the votes in the previous election.

The buying window was limited to four months in a year, with an extended period during General Election years. And here's the kicker - absolute anonymity. These bonds bore no trace of the donor or the recipient party, shrouding transactions in secrecy.

But miss the 15-day deadline? No refunds. Instead, the fund value of the electoral bond finds its way to the Prime Minister Relief Fund, adding a twist of finality to the whole affair.

Congress calls electoral bond scheme biggest scam

Abhay Dubey, the vocal spokesperson of the All India Congress Committee, minced no words when he denounced the electoral bond scheme as a blatant disregard for transparency. Speaking passionately at the state party headquarters, Dubey labeled the scheme, notified since January 2, 2018, as nothing short of a colossal corruption scandal in the realm of election donations.

For Representation Only: Congress President Mallikarjun Kharge and party leader Rahul Gandhi address the media after meeting SC, ST and OBC leaders of the INDIA bloc, in New Delhi, Friday (PTI)

His words reverberated through the media, echoing the sentiments of many who saw the scheme as a prime example of governmental machinery gone astray. With conviction, Dubey highlighted the lack of transparency inherent in the electoral bond system, shedding light on what he deemed as a misuse of power at the highest levels.

Dubey's accusations didn't stop at the lack of transparency. With fervor, he painted a vivid picture of potential repercussions stemming from electoral bond donations. He pointed fingers at instances where companies allegedly secured contracts after contributing through these bonds, raising serious questions about the integrity of the procurement process.

In a poignant moment, Dubey voiced concerns about the quality of development projects, hinting at the possibility of compromised standards due to vested interests. His words carried weight as he highlighted the risk of substandard materials creeping into vital infrastructure, posing a threat to public safety and well-being.

But the scope of his apprehensions didn't end there. Dubey's sharp gaze turned towards pharmaceutical companies, suggesting a disturbing scenario where electoral bond donations could pave the way for questionable practices in the healthcare sector. With a solemn tone, he warned of the potential dangers posed by substandard medicines entering the market, amplifying the urgency for accountability and transparency in political funding.

Congress demands SC-monitored SIT probe, says scheme used for prepaid, postpaid bribes

Senior Congress leader Jairam Ramesh addressing the media at AICC, in New Delhi on March 23, 2024.

The Congress party's relentless pursuit for transparency hit a crescendo as it renewed its call for a Supreme Court-monitored Special Investigation Team (SIT) probe into the electoral bonds debacle. At a charged press conference, Jairam Ramesh, the Congress general secretary, launched a scathing attack on Prime Minister Narendra Modi, accusing him of turning a blind eye to corruption and shielding the guilty.

With a bombshell revelation, the party unveiled a "python code" that unraveled the electoral bonds mystery in less than 15 seconds, debunking the State Bank of India's claim of needing months to furnish the data requested by the Supreme Court. This revelation laid bare the inefficiency or complicity within the system, adding fuel to the fire of public scrutiny.

Ramesh didn't mince words as he outlined the four alarming patterns of corruption within the electoral bonds scheme: "Chanda Do, Dhanda Lo" – representing prepaid bribes; "Theka Lo, Rishvat Do" – postpaid bribes; "Hafta Vasooli" – extortion or post-raid bribes; and "Farzi Company" – shell companies. These stark revelations shed light on the sinister underbelly of political funding, stirring calls for accountability and justice.

Ramesh didn't hold back as he dropped another bombshell, alleging that a staggering 38 corporate behemoths, beneficiaries of a whopping 179 major contracts and project approvals from central or BJP-led state governments, had contributed to the BJP's coffers through electoral bonds.

In a jaw-dropping revelation, he disclosed that these corporate giants had clinched contracts and projects worth a mind-boggling Rs 3.8 lakh crore, while funneling a mere Rs 2,004 crore through electoral bonds to the ruling party. This shocking revelation underscored the extent of the alleged quid pro quo arrangements between big business and political power.

The implications were clear: a system designed to promote transparency had instead become a conduit for backdoor deals, where favors were traded for financial contributions. With each revelation, the call for accountability grew louder, fueling demands for a thorough investigation into the murky world of electoral financing.

The Congress party didn't pull any punches as it convened a press conference to spotlight the electoral bond scandal, with spokesperson Pawan Khera leading the charge. With a pointed question directed at the government, Khera demanded accountability: "Now that the massive corrupt mechanism by the Modi government has been exposed by the Supreme Court itself, will the government send the ED to probe the electoral bond scam?"

Former finance minister and seasoned Congress leader P Chidambaram echoed the sentiment, lambasting the electoral bond scheme for its blatant disregard of democratic principles. Emphasizing the need for transparency, Chidambaram highlighted the overwhelming dominance of the BJP in corporate donations, a fact that he believed would now be laid bare for the world to see. "Let the world know who gave money, when the money was given, and to which party it was given. The people will ask why the money was given to a political party," he asserted.

While the Congress took the forefront in condemning the electoral bond scheme, other opposition parties rallied behind the cause, with a shared focus on transparency and restoring a level playing field. DMK chief and Tamil Nadu CM M K Stalin hailed the Supreme Court's decision as a victory for democracy, praising its role in ensuring a transparent electoral process and bolstering public faith in the system. Similarly, the Aam Aadmi Party applauded the ruling as a significant step towards enhancing transparency in election funding, signaling a united front in the fight for a fair and equitable democratic process.

The recent Supreme Court ruling on the Electoral Bond Scheme has sparked widespread acclaim and calls for transparency in political financing.

Samajwadi Party chief Akhilesh Yadav hailed the verdict as a crucial step towards reviving democracy, branding it an exposure of what he termed as the BJP's "illegitimate policies." He went further to assert that the decision sheds light on what he referred to as the "BJP-corruption bond."

Even the TDP, amidst ongoing talks with the BJP for a potential alliance in Andhra Pradesh, welcomed the ruling as "historic." Leveraging the moment, they urged the ruling YSRCP to disclose details of funds received through the scheme. TDP spokesperson Deepak Reddy underscored party chief N Chandrababu Naidu's unwavering advocacy for transparency and accountability in politics.

The CPI(M), a petitioner in the case, celebrated the verdict as the demise of what they labeled a corrupt scheme. They emphasized the urgent need for reforms in political and electoral funding to ensure transparency, clean funding, and a level playing field.

As the nation embraces this pivotal moment in its democratic journey, the collective call for accountability and transparency rings loud and clear. Let us unite in our commitment to uphold the principles of democracy and ensure a fair and just political landscape for all.