ELECTORAL FINANCE
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.
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.
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.
"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.
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.
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.
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.
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.
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