Electoral Bonds: Transparency Unveiled | Fusion - WeRIndia

The recent publication of lists by the Election Commission following a Supreme Court directive has revealed the identities of top donors and beneficiaries. The move has illuminated the once-opaque world of electoral bond donations.

This move, aimed at enhancing transparency in political funding, sheds light on the intricate ties between corporate entities and political parties in India.

The State Bank of India is the sole issuer of these bonds. It released comprehensive details, including donors, amounts, and recipients, finally revealing the hidden alphanumeric codes that link donations directly to political beneficiaries.

Among the major revelations, ‘Lottery king’ Santiago Martin’s company, Future Gaming and Hotel Services emerged as a standout donor with a whopping ₹1,368 crore in contributions. He donated primarily to Tamil Nadu’s ruling party, the DMK.

Other significant donors include Megha Engineering & Infrastructures Ltd and Qwik Supply Chain Pvt Ltd, with contributions amounting to ₹966 crore and ₹410 crore, respectively.

The list highlights the Bharatiya Janata Party as the largest recipient, amassing ₹6,986.5 crores since the inception of the bond scheme in 2018.

The Supreme Court’s decision to mandate the disclosure of these details stems from concerns over undisclosed funding and its potential to influence policymaking to the detriment of the public interest.

The court criticized the scheme as unconstitutional, emphasizing the voters’ right to know who finances political parties, as undisclosed corporate donations could foster quid pro quo arrangements, skewing policy decisions in favour of donors.

The revelations have stirred the industry, with fears of potential victimization of companies based on their political affiliations.

Critics argue that transparency might deter donations due to fear of reprisal from non-beneficiary parties.

Despite these concerns, the move towards greater transparency is a significant step in unravelling the complex dynamics of political financing in India. It offers a clearer picture of how financial support could shape policy and governance.

Image Credit: Suyash Dwivedi, CC BY-SA 4.0, via Wikimedia Commons

Image Reference: https://commons.wikimedia.org/wiki/File:A_senior_citizen_above_80_is_casting_his_vote_from_home_in_Bhopal_-02.jpg