In a landmark judgment on political funding, the Supreme Court on Thursday termed the electoral bonds scheme as “unconstitutional”, as it violates the Constitutional right to freedom of speech and expression as well as the right to information. Know how much money electoral bonds have collected and how much contribution each political party has received.
Total Funding Received Under Electoral Bonds So Far
The electoral bonds have seen a total contribution of Rs 16,518 crore direct to various political parties between Phase-1 and Phase-30 tranches, MoS Finance Pankaj Chaudhry said in a written reply to a query in the Lok Sabha during the just-concluded budget session. Phase-XXX (or phase-30) was conducted last month.
On this, Rs 8.57 crore was paid by the government to State Bank of India as a commission for the issuance and redemption of the electoral bonds from Phase 1 and Phase 25. Apart from this, Rs 1.90 crore was also paid by the 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 received nearly Rs 1,300 crore in 2022-23, which was seven times more than what the Congress got during the same period. The BJP’s total contributions stood at Rs 2,120 crore in 2022-23, of which 61 per cent came from electoral bonds, according to the party’s annual audited report submitted to the Election Commission, according to 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 national parties.
The Samajwadi Party, a recognised state party, had earned Rs 3.2 crore through electoral bonds in 2021-22. In 2022-23, it received no contributions from these bonds, the report added.
Another state-recognised party, the TDP, earned Rs 34 crore through electoral bonds in 2022-23 which was up 10 times from the previous fiscal.
What Are Electoral Bonds, Who Was Eligible To Buy?
Electoral bonds were pitched as an alternative to cash donations made to political parties as part of efforts to bring transparency to political funding.
The bonds were introduced in 2017 to cleanse the system of political funding in the country. In his Budget Speech on February 1, 2017, then finance minister Arun Jaitley said: “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 could be bought by any citizen of India or entity incorporated or established in the country. A person could buy the bonds, either singly or jointly with other individuals.
The bonds will not carry the name of the payee. However, in the latest judgment, the Supreme Court ordered State Bank of India (SBI) to disclose to the Election Commission the names of the contributors to the scheme.
A five-judge Constitution bench headed by Chief Justice D Y Chandrachud on Thursday, February 14, 2024, directed that the SBI must disclose details of each electoral bond encashed by political parties. The information should include the date of encashment and the denomination of the bonds and be submitted to the poll panel by March 6.
The Election Commission should publish the information shared by SBI on its official website by March 13, the bench said.
Which Political Parties Were Eligible To Receive Electoral Bonds?
Only the political parties registered under Section 29A of the Representation of the People Act, 1951, and that secured not less than one per cent of the votes polled in the last Lok Sabha or state elections, were eligible to receive the electoral bonds.
Electoral Bonds: The Supreme Court Judgment
Pronouncing the verdict, the Supreme Court said the electoral bond scheme is violative of the ‘right to freedom of speech and expression’ under 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 said while pronouncing the verdict.
The bench said the fundamental right to privacy also includes the citizens’ right to political privacy and affiliation.
It also held as invalid the amendments made in various laws, including the Representation of Peoples Act and the Income Tax laws.
The apex court directed that the SBI shall stop issuing electoral bonds and submit details of bonds purchased since April 12, 2019 till date to the Election Commission. It should also submit details of political parties which have received contributions through electoral bonds since April 12, 2019 till date to the poll panel.
(With Inputs from Agencies)
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