ELECTORAL BOND SCHEME
It's taxing times for electoral bond buyers after Supreme Court's Feb verdict
More than 1,000 entities who purchased electoral bonds for political donations may now face inquiries from tax authorities regarding the deductions claimed on these contributions, following the Supreme Court's decision to invalidate the scheme in February. The Supreme Court, in its ruling on February 15, declared the electoral bond scheme unconstitutional. Since its introduction in January 2018, the scheme had amassed Rs 16,518 crore in donations for political parties.
'Kaun hain Narendra Modi?' Congress criticizes PM before his oath-taking ceremony
Congress listed 15 reasons questioning 'Kaun hain Narendra Modi?' including allegations of misleading public with trivial issues during elections. The opposition has launched a direct attack on Modi following a surprising performance in the Lok Sabha elections on June 4th. In a strong showing, the INDIA bloc won 232 seats, with Congress winning 99 seats. The INDIA bloc also won a majority of seats in India’s most populous state, the BJP-ruled Uttar Pradesh.
Need an alternative to electoral bond scheme, black money's impact on polls to rise, says Home Minister Amit Shah
Home Minister Amit Shah expressed concerns that the scrapping of the electoral bond scheme by the Supreme Court could lead to an increase in the influence of black money during the ongoing Lok Sabha elections. He said that an alternative should be debated in Parliament. The debate should involve all stakeholders including political parties, Shah said. He emphasised the need for collective deliberation to decide on a new solution following the court's judgment that the scheme violated constitutional rights.
"Intellectual property of the bank": SBI once again refuses to disclose SOPs on sale, redemption of electoral bonds
In response to a Right to Information Act appeal, State Bank of India (SBI) has again refused to disclose the standard operating procedures (SOPs) for the sale and redemption of electoral bonds. SBI justified the denial by stating that the information is held in "commercial confidence," constitutes the bank's "intellectual property," and is intended solely for internal staff use.
Electoral Bonds: CJI to take call on listing of plea seeking SIT probe into quid pro between corporates and political parties
Two NGOs have requested the Supreme Court to consider their PIL for a court-monitored investigation into alleged quid pro quo involving political parties, corporations, and investigative agencies in the electoral bonds scheme. The Court acknowledged the plea and assured it would be listed for an early hearing, following the recent scrapping of the electoral bonds scheme by a Constitution bench.
Electoral bond scheme was better than earlier system of giving sacks, suitcases filled with money to parties: Nirmala Sitharaman
The senior BJP leader also defended the electoral bond scheme, saying it was introduced through a law passed in Parliament and was a better system as the transfer of money was visible in accounts instead of the earlier practice when cash-filled "sacks" and "suitcases" were given to parties.
"Everyone will regret it...": PM Modi defends electoral bonds scheme; accuses Oppn of spreading lies
Prime Minister Narendra Modi has accused opposition parties of spreading lies over the electoral bonds scheme, which has been struck down by the Supreme Court. He said the scheme was aimed at curbing black money in elections and that the opposition wants to run away after making allegations. PM Modi said that of the 16 companies who gave donations after action by probe agencies, only 37% went to the BJP and 63% to opposition parties opposed to the BJP.
Plea in SC seeks review of verdict scrapping electoral bonds scheme
A review plea challenges the Supreme Court's annulment of Modi government's electoral bonds scheme, emphasizing the need for considering public opinion and addressing constitutional rights in political funding.
"Congress manifesto is regressive while ours...": Rajnath Singh
Defense Minister Rajnath Singh criticized Congress's manifesto as regressive, contrasting it with the upcoming progressive BJP manifesto. He highlighted the differences in minority appeasement approaches and addressed Congress's promises regarding reservations and caste census.
Electoral bond scheme deliberately ' muddied waters' of corporate political donations: Congress
Jairam Ramesh alleged there are four primary channels of corruption in the "electoral bond scam" and everyday a new dimension emerges to the "PayPM Scam", "confirming the shocking reality of the corruption which has engulfed this country through Narendra Modi's encouragement".
SBI refuses to disclose SOP for sale, redemption of electoral bonds in RTI reply
In its landmark verdict on February 15, the court scrapped the Centre's electoral bonds scheme that allowed anonymous political funding, calling it "unconstitutional", and ordered disclosure by the EC of the donors, the amounts donated by them and the recipients by March 13.
Intention behind electoral bonds scheme was good: Gadkari; says no party can survive sans funds
"When Arun Jaitely was (Union finance) minister, I was part of that discussion (regarding electoral bonds). No party can survive without resources. In some countries, governments fund political parties. There is no such system in India. Thus, we chose this system of financing political parties," said Gadkari on a question about electoral bonds. He noted the main intention behind introducing electoral bonds was that political parties get funds directly, but the names (of donors) are not disclosed because "problems arise if the party in power changes".
'Legalised bribery': Chidambaram slams electoral bonds scheme after data made public
P. Chidambaram, senior Congress leader and former finance minister, criticized the electoral bonds scheme, calling it a means to "legalize bribery" and ensure the ruling party's benefit. He expressed his views at the India Today Conclave 2024, stating that elections should allow more open campaigning and larger expenditure limits for candidates.
Electoral bonds: SBI files compliance affidavit, says 22,217 bonds were purchased and 22,030 redeemed
Earlier, in a landmark verdict, the SC had scrapped the poll bond scheme on the ground that it was unconstitutional. The SBI, the only authorised seller of these bonds, was subsequently ordered to share the details with the poll watchdog.
Electoral bonds: Some key things to know about the scheme scrapped by SC
In the affidavit, SBI revealed that a total of 22,217 electoral bonds were purchased and 22,030 redeemed by political parties between April 1, 2019 and February 15 this year.
Electoral bonds: SC dismisses SBI's plea for extension, seeks details by tomorrow
The Supreme Court dismissed the State Bank of India's plea for an extension until June 30 to disclose details of electoral bonds. The court ordered the SBI to provide details by March 12. Harish Salve, representing the SBI, cited the complexity of matching donor details with political parties.
Electoral bonds: Banks have all details when it comes to loan default by farmers, says Uddhav
Uddhav Thackeray, UBT chief, has criticized the Union government over the State Bank of India's request for details on those who bought electoral bonds. He argued that banks provide all information about farmers when they default or delay loan repayments, but in electoral bond issues, lenders are asking for an extension to extract details.
Desperate Modi govt trying to use SBI to bulldoze SC judgment on electoral bonds scheme: Congress
The Congress party has accused the Modi government of using the State Bank of India (SBI) to hide its "dubious dealings" by seeking more time to disclose details of electoral bonds. The SBI has requested an extension until June 30 to provide the information, which the Supreme Court had previously ordered to be disclosed by March 6. The Congress party maintains that the electoral bonds scheme is "opaque, undemocratic, and destroyed the level playing field."
Election commission opposed electoral bonds
ECI had written a three-page letter to the law ministry on May 26, 2017, flagging concerns over amendments in the Finance Act, 2017, which brought changes in the Income Tax Act, The Companies Act, 2013, and the Representation of the People Act, 1951 - all done to enable the launch of the scheme.
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