ELECTORAL FINANCE
Game's Bond, Electoral Bond: Two reforms that India's new government should undertake
All political funding should be routed transparently through electronic means, via UPI, IMPS, Neft or RTGS. Let parties crowdfund themselves. In a democracy, money should move from the people to their parties, not from politicians to voters.
Ladies at the head of the lines
The first five phases of the 18th Lok Sabha elections in India have concluded, with strong voter turnout, especially among women. Despite concerns, 66.95% turnout was recorded in the first four phases, with 25 million more voters than in 2019. Women have shown significant political engagement, with their voter numbers increasing more than men's. Key states like Karnataka and Telangana saw substantial voter increases. This trend continues the pattern of higher voter participation seen since 2014, highlighting women's growing influence in Indian politics.
Kharge shoots another letter to Modi, says people are not voting for you as your lies are losing effect
Kharge accuses Modi of desperation and lies, criticizing his language and impact. Modi's letters aim to counter Congress' divisive intentions. Kharge raises concerns about Chinese infiltration, challenging Modi's actions.
Pathanamthitta: A battle of Antony Vs Antony Vs Isaac in electoral maze
In Kerala's Pathanamthitta constituency, known for Sabarimala, a three-way battle unfolds among prominent Christian candidates. Congress' Anto Antony seeks a fourth win, facing BJP's Anil K Antony, who switched from Congress, and LDF's Thomas Issac, aiming to convert assembly dominance to a Parliament seat. Congress highlights ousting Modi, while LDF emphasizes anti-BJP stance. Anil K Antony aims to build on BJP's 2019 votes. The election is seen as a test of Congress-LDF-BJP dynamics in the region.
Kotak Bank promoter Infina Finance donated Rs 60 crore to BJP via electoral bonds
The Mumbai-based Infina Finance donated electoral bonds worth Rs 60 crore to the Bharatiya Janata Party (BJP). The NBFC firm purchased these bonds in the denomination of Rs 1 crore in 2019, 2020 and 2021, according to the data given by the State Bank of India (SBI) to the Election Commission. The data was made public last month.
Kapil Sibal slams Finance Minister Nirmala Sitharaman's remarks on electoral bonds
Kapil Sibal, a Rajya Sabha MP, criticizes the BJP for considering the revival of the electoral bonds scheme, which was declared unconstitutional by the Supreme Court. He disputes Finance Minister Nirmala Sitharaman's claim that the scheme was introduced for transparency, citing the court's verdict. Sibal accuses the BJP of preparing for potential defeat by planning to reintroduce the scheme if re-elected.
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BJP wants to continue loot: Congress slams Nirmala Sitharaman's remarks on electoral bonds
The Congress criticized the BJP over Finance Minister Nirmala Sitharaman's statement suggesting a return of electoral bonds after consultations, accusing them of wanting to "continue the loot" after allegedly looting Rs 4 lakh crore of public money. Jairam Ramesh, in a social media post, labeled four methods of what he called the "PayPM" scam, including prepaid and postpaid bribery, post-raid bribery, and involvement of fake companies in money laundering.
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.
Country pushed towards black money: PM Modi on electoral bonds
In an interview with ANI, PM Modi said the electoral bonds scheme was aimed at curbing black money in elections and said the opposition wants to run away after making allegations.
"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.
Rs 315 cr corruption case: CBI books second-biggest electoral bond buyer Megha Engineering, 8 steel ministry officials
Hyderabad-based Megha Engineering & Infrastructures Ltd (MEIL) is one of the biggest electoral bond donors to BJP and BRS, and the second largest donor to Congress. P Pitchi Reddy and P V Krishna Reddy, the promoters of Megha Engineering that emerged as the second-largest donor of electoral bonds at Rs 1,232 crore, saw their wealth jump 53% and 51%, respectively.
Demonetisation, electoral bonds examples of BJP's corruption: Yashwant Sinha
Yashwant Sinha, 86, said he has retired from politics and is not planning a return, even as several people from his former constituency Hazaribagh urged him to fight the election this time.
All major parties encashed electoral bonds; nobody has moral authority to say anything, says Finance Minister
The system of electoral bonds was still better than the previous system, "which is what we've gone back to now. We need to do something better, but a lot more work is required", she added. Last month, a five-judge apex court bench, headed by Chief Justice of India D Y Chandrachud, said the electoral bonds scheme violates the right to information and the freedom of speech and expression under the Constitution.
Kotak family-owned Infina Finance gives Rs 60 cr to BJP via electoral bonds
Little-known NBFC Infina Finance, owned by the Kotak family, has donated electoral bonds worth Rs 60 crore to the BJP. According to the data given by the State Bank of India (SBI) to the Election Commission, Mumbai-based Infina Finance purchased these bonds in the denomination of Rs 1 crore in 2019, 2020 and 2021.
'Na khaunga, na khane dunga': Kapil Sibal takes dig at PM Modi over electoral bonds data
Rajya Sabha MP Kapil Sibal criticised PM Modi over electoral bonds data release. Sibal questioned promises made by Modi regarding Swiss bank accounts and PM-CARES fund donations. He called for an SIT probe, highlighting concerns over political party funding transparency.
ET Awards 2023: No link between ED actions and electoral bond purchases, says Sitharaman
Sitharaman addressed misconceptions on ED-bond ties and advocated for comprehensive reforms involving states and local bodies. Finance minister Nirmala Sitharaman also pointed to govt’s next-gen reforms plan, said not enough data on private investments in sunrise sectors and job creation, asserts inflation under control.
Oppn seeks SC probe into 'quid pro quo' in bonds
Opposition accuses government of pressuring firms for BJP's donations. Congress demands SC-monitored corruption investigation. BJP received half donations. Freeze BJP accounts for illegal funds. Mention of ED, IT, CBI raids, CPI-M, SBI data, MP Kapil Sibal.
No link between ED raids and political donations to ruling party: FM
Finance Minister Sitharaman addressed allegations of ED raids' ties to electoral funding, advocating for a transparent political funding system. She discussed the electoral bond scheme's imperfections and the Supreme Court's ruling on its constitutionality, emphasizing the need for transparency in political funding.
'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 scrapped, what's next? FM Nirmala Sitharaman comments over poll bond controversy
Finance Minister Nirmala Sitharaman responded to the Electoral Bonds controversy, suggesting that assumptions are shaping the discourse. At the India Today Conclave, she acknowledged imperfections in the electoral bond system but highlighted the need to learn from the Supreme Court's ruling for greater transparency. The system, though imperfect, is an improvement from the past, where money wasn't routed through bank accounts.
SC Bar Association writes to President Murmu, seeks holding back of SC's judgment declaring electoral bonds unconstitutional
The Supreme Court Bar Association (SCBA) has urged President Droupadi Murmu for a Presidential Reference in the Electoral Bonds case. SCBA President Adish Aggarwala's letter emphasizes the court's judgment deeming the current form of electoral bonds unconstitutional. Aggarwala defends the legislative intention behind the scheme, arguing against judgments that create a constitutional stalemate and undermine parliamentary authority.
Electoral bonds: SC to hear on Mar 11 SBI's plea seeking extension of time to disclose details
The State Bank of India (SBI) has sought an extension until June 30 to disclose details of electoral bonds, as the Supreme Court hears its application. The SBI claims that decoding the bonds to match donors to donations is complex, requiring time to retrieve information from separate data silos. The bank argues that donors' anonymity was preserved through stringent measures.
SBI requests SC to extend deadline for sharing electoral bond data till June 30
As March 6 approaches, the State Bank of India has submitted an application to the Supreme Court requesting an extension until June 30, 2024, to provide information regarding Electoral Bonds to the Election Commission. According to a Supreme Court ruling, SBI is obligated to furnish this information to the ECI by March 6.
Electoral Bonds: Bank rules may stand in way of SC ruling to reveal hidden information, sources say
Poll bonds: Indian banks' norms may hinder the disclosure of subscribers' names in electoral bonds. The Supreme Court banned these bonds, citing transparency and accountability concerns. The State Bank of India has been ordered to disclose donor details, including the BJP's lion's share of Rs 16,518.11 crore funding, ahead of the general elections.
A publicly-funded, transparent model of campaign finance can be a start in the right direction
In a country the size of India where electoral fights are money-dependent, there are no magic formulas. Worse, any real change is likely to take decades, with several missteps on the way. Still, a public fund could be the start in that direction. Supreme Court has already set the tone by freezing electoral bonds
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.
SC announces verdict on electoral bonds scheme: What is it and how is it connected with poll funding?
The Supreme Court is preparing to announce its decision on the legality of the electoral bond scheme, following a series of petitions challenging its validity. The scheme allows individuals and companies to purchase bonds for political donations, offering tax exemptions and donor anonymity. Critics argue the scheme promotes corruption and violates transparency, while the government asserts it checks illicit money use in elections. The verdict follows a bench's reservation of judgment last November, led by Chief Justice DY Chandrachud.
SBI issues Electoral Bonds worth Rs 16,518 cr in 30 tranches
State Bank of India (SBI) has issued Electoral Bonds worth Rs 16,518 crore in 30 tranches since the inception of the scheme in 2018, Parliament was informed on Monday.
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