What Is Electoral Bond Data-24
What Is Electoral Bond Data
In India, one way to donate money to political parties is through electoral bonds. The Indian government implemented them in 2018 with the goal of increasing political finance transparency. Through electoral bonds, people and businesses can make anonymous financial contributions to political parties.
Under the Electoral Bond Scheme, people and corporate entities can buy bonds from specific State Bank of India (SBI) branches and give them to the political party of their choice. Like promissory notes, these bonds can be redeemed by the political parties through specified accounts during the allotted period.
Generally speaking, information about the issuing and redemption of these bonds is referred to as electoral bond data.
What Is Electoral Bond Data– information contains specifics like the quantity of bonds issued, the political parties that receive the donations, and the names of the buyers and beneficiaries—although the buyers’ identities are kept private.
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In India, there has been discussion and criticism surrounding the accessibility and lucidity of electoral bond data. Issues have been brought up concerning the omission of information pertaining to the identities of contributors and the possibility of political finance being misused or lacking accountability.
On March 14, as directed by the Supreme Court, the Election Commission of India posted the electoral bonds data on its official website.
Companies that have purchased bonds while being the subject of Income Tax and Enforcement Directorate investigations account for three of the top five poll bond donors to political parties between 2019 and 2024.
These include mining behemoth Vedanta, infrastructure provider Megha Engineering, and lottery operator Future Gaming.
According to data given by the Election Commission on Thursday, Santiago Martin’s Future Gaming and Hotels Pvt Ltd is the top buyer of electoral bonds. Between 2019 and 2024, the lottery corporation invested Rs. 1,300 crore in bonds.
The name of the business or person is the only donor-side identity in the electoral bonds data that was made public . Using the Ministry of Corporate Affairs’ (MCA) database, we performed an exact name match to obtain the donor firms’ unique IDs and examined the basic information that MCA had on file.
Approximately half of the total amount, or Rs 6,058 cr, is contributed by the top 22 donors, each of whom has donated at least Rs 100 cr.
Based on publicly available statistics, 1,260 businesses and individuals have invested ₹12,769 crore on electoral bonds. Of the total money provided through electoral bonds, the top 20 corporations accounted for ₹5,945 crore, or almost half of the total.
Which individuals have contributed the most?
With a total donation of ₹45 crore, Ms. SN Mohanty is the largest individual contributor on the list. Lakshmi Niwas Mitttal, who gave ₹35 crore, comes next. These are the top 10 individual donors listed.
Organisations with minimal required capital
An exact name match with the MCA database for approximately 500 organisations. 43 of these companies subscribed capital at the required minimum of ₹1 lakh.
Recently formed businesses
Exact name match with the MCA database was obtained for around 500 companies. The first electoral bond was bought on April 12, 2019, or after, in the case of 28 of these corporations.
What is electoral bonds data?
The Election Commission of India posted the electoral bonds data on its official website on March 14, per the Supreme Court’s directive. In electoral bonds data release, the name of the company or individual is the only identity on the donor side.
Who purchased electoral bonds?
AV Birla Group-sponsored Essel Mining Ltd., Sunil Mittal-backed Bharti Airtel, Anil Agarwal-backed Vedanta Ltd., Bajaj Auto Ltd., and DLF Ltd. are a few of the largest businesses that have contributed funds to political parties via the Electoral Bond programme.
How are electoral bonds purchased?
The bond may be bought by any Indian citizen or organisation that is incorporated in India. 2. Electoral bonds will be issued or bought from the designated State Bank of India branches for any amount, in multiples of about $1,000, $10,000, $1,000,000, and $1,000,000 (SBI).
Is electoral bond tax free?
Under Sections 80GG and 80GGB of the Income Tax Act of 1961, electoral bonds issued by persons or companies were exempt from taxes. Section 13A of the Income Tax Act allowed political parties to accept the funds.
Why electoral bonds are issued?
The Finance Act of 2017 brought electoral bonds to India. By directing donations through banking systems, the government stated that these bonds would increase openness in political finance. Critics, however, expressed alarm over the lack of clarity around the funding source.
