Daijiworld Media Network - SR
New Delhi, Apr 5: A recently published official document revealed that BJP secured Rs 210 crore through the electoral bonds introduced by Modi government while Congress could secure only Rs 5 crore.
BJP gained the most from electoral bonds through the innovative mechanism to track cash flows in poll campaign. Last year, in January, finance minister Arun Jaitely told parliament, "There will be clean money and a substantial significant amount of transparency as against the present system of unclean money and no transparency."
As a single supplier of electoral bonds, State Bank of India accounted a flow of around 62 per cent in the sale of the instruments over the past one year - from Rs 1,056 crore in 2018 to Rs 1,716 crore in January and March this year.
A non-profit election research group, Association for Democratic Reforms (ADR) also reported the funding through electoral bonds is slanted heavily towards national parties. In that, BJP secured Rs 210 crore from Rs 215 crore generated through the banking instruments in 2017-18.
"The root of all corruption in India is the nexus between unaccounted money and politics. Electoral bonds were introduced as a reform ideally to break up this nexus. But the biggest beneficiary of the scheme is the ruling party. If it is a question of a level playing field, what happens to regional parties like us then?,” asked JD(U) spokesman Pavan Varma.
"The problem is if only few wealthy people and corporate houses are involved in funding, then the government will work for benefit of those who financed it and not the people. That is a big threat to Indian democracy." said Trilochan Sastry, founder of the ADR.
In compliance with this the Election Commission has also expressed reservations over political funding through anonymous banking instruments. Central government insists that electoral bonds intend to bring greater transparency and defeat the flow of unaccounted money into the country's political arteries. An SC bench is due to hear the matter on April 5.