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HomeIndia'Unconstitutional' electoral bonds scheme raised over Rs 16,500 cr in 5 years

‘Unconstitutional’ electoral bonds scheme raised over Rs 16,500 cr in 5 years

The Supreme Court docket Thursday struck down the electoral bonds scheme and ordered the State Financial institution of India (SBI) to subject particulars of the political events which have obtained contributions by way of electoral bonds from the interim order on 12 April 2019, up to now to the Election Fee of India (ECI).

However there was a pertinent query amongst individuals about how a lot cash has been collected to this point by way of the Electoral Bonds scheme.

Complete assortment by way of electoral bonds

In line with authorities information, with the newest tranche issued in January 2024, as many as 30 tranches of electoral bonds issued have collected over Rs 16,500 crore.

The Election Bonds Scheme was launched by the federal government on 2 January 2018, with the goal “to ensure clean tax-paid money is coming into the system of political funding through proper banking channels.”

As per the info introduced in Lok Sabha in the course of the Funds 2024 session, Minister of State within the Finance Ministry Pankaj Chaudhry, in a written reply said: “The total value of Electoral Bonds purchased (Phase-I to Phase –XXX) from SBI is about Rs 16,518 crores.”

The fee paid to the SBI by the Authorities of India for the issuance and redemption of Electoral Bonds from Section I to Section XXV is about Rs 8.57 crore. Additionally, the quantity paid by the federal government to Safety Printing & Minting Company of India Ltd (SPMCIL) up to now is about Rs 1.90 crore.

Supreme Court docket Electoral Bonds Scheme verdict

The highest court docket Thursday requested the SBI to reveal particulars of every electoral bond encashed by the political events, which shall embrace the date of encashment and the denomination of the electoral bond.

The financial institution has been requested to submit the main points to the ECI inside three weeks, until 6 March 2024, after which the ballot physique has been directed to publish them on its official web site by 13 March.

As soon as the main points are printed by the ECI, political events have been directed to refund the Electoral bonds quantity to the purchaser’s account.

Additionally Learn: Anonymous electoral bonds violative of right to information, rules Supreme Court

The court docket stated Electoral Bonds that are throughout the validity interval of 15 days however haven’t been encashed by the political events but shall be returned by them to the purchaser. The issuing financial institution shall then refund the quantity to the purchaser’s account.

Who might buy electoral bonds?

An individual who’s a citizen of India or included or established in India was eligible to buy the electoral bonds. A person might purchase electoral bonds singly or collectively with others.

Which political events have been eligible to obtain Electoral Bonds?

Solely the political events registered beneath Part 29A of the Illustration of the Individuals Act, 1951 (43 of 1951) and which secured not lower than one per cent of the votes polled within the final Lok Sabha polls or the Legislative Meeting of the State, have been eligible to obtain the Electoral Bonds.

Events have been solely eligible to encash these bonds by way of a checking account with the approved financial institution.

With inputs from companies



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