Supreme Court Strikes Down Electoral Bonds; BJP Leads with ₹1,300 Crore, Congress with ₹171 Crore
Image Source:- Apoorva Arora
In a significant ruling, the Supreme Court has declared electoral bonds as ‘unconstitutional’, prompting the State Bank of India to cease their issuance ‘immediately’. This verdict, just months ahead of the Lok Sabha elections, reshapes the landscape of political funding.
Electoral bonds, introduced by the government on January 2, 2018, were positioned as a transparent alternative to cash donations to political parties. However, the apex court’s decision challenges this narrative.
Here’s a breakdown of how much each major political party received through electoral bonds:
Bharatiya Janata Party (BJP):
- The ruling BJP garnered nearly ₹1,300 crore through electoral bonds in the financial year 2022-23.
- Total contributions amounted to ₹2,120 crore in the fiscal year, with 61% sourced from electoral bonds.
- In the preceding fiscal year 2021-22, the BJP received ₹1,775 crore through electoral bonds.
- The party’s total income surged to ₹2,360.8 crore in 2022-23, up from ₹1,917 crore in FY 2021-22.
- Additionally, the BJP earned ₹237 crore from interests in the last fiscal year, compared to ₹135 crore in 2021-22.
- Notable expenditures included ₹78.2 crore for aircraft and helicopters (down from ₹117.4 crore in 2021-22) and ₹76.5 crore as financial assistance to candidates (down from ₹146.4 crore in 2021-22), categorized under ‘total payments’.
Congress:
- The Congress party received ₹171 crore through electoral bonds, a decrease from ₹236 crore in 2021-22.
Samajwadi Party:
- Led by Akhilesh Yadav, the Samajwadi Party received ₹3.2 crore through electoral bonds in 2021-22. However, it did not receive any contributions from electoral bonds in 2022-23.
Telugu Desam Party (TDP):
- The TDP, a recognized state party, saw a significant increase in electoral bond contributions, receiving ₹34 crore in 2022-23, compared to a much lower amount in the previous fiscal year.
This data, based on PTI inputs, underscores the impact of electoral bonds on political funding and highlights the changing financial dynamics of major political parties.
Author:- Apoorva Arora