The Aryavarth Express
Agency(New Delhi): The electoral bond scheme, according to the Congress party, has significantly diluted the transparency of corporate contributions to political parties. The scheme, which scrapped the earlier cap of 7.5% of average net profits over the past three years for corporate donations, now allows complete anonymity for donors. This change, Congress spokesperson Ramesh highlighted, obstructs public monitoring of political funding and removes critical barriers against the potential influx of illicit funds through shell companies.
Ramesh also alleged that the few remaining safeguards were consistently breached under the watch of the Prime Minister, indicating a systematic disregard for ethical funding practices. He referenced concerns raised by the Election Commission of India back in 2017, which had cautioned that electoral bonds could facilitate the channeling of black money via shell companies. Similarly, the Reserve Bank of India had raised alarms about the potential for these bonds to be exploited for money laundering.
Despite these warnings, the Modi government proceeded with the scheme, presumably to ensure a continuous stream of undisclosed donations, or ‘Chanda’. The Supreme Court, stepping into the ongoing controversy, recently directed the State Bank of India (SBI) — the sole authorized seller of these bonds — to release detailed transaction data to the Election Commission. According to the SBI, between April 2019 and February of this year, 22,217 electoral bonds were purchased, and 22,030 were subsequently redeemed by various political entities.