Sushree Mohanty
A petition was moved before the Supreme Court demanding a bearing to the Centre and others to not open any further window for sale of electoral bonds during the pendency of a case relating to financing of political groups.
The plea additionally claimed the absence of transparency in the accounts of such political groups.
The plea documented by a Non-Profit Organisation has asserted that there is a genuine apprehension that any further offer of electoral bonds before the impending Assembly elections would facilitate an “increase in unlawful and illegal funding of political groups through shell organizations”.
It is further asserted that based on information on bonds submitted by the political groups in their audit reports, the “current ruling party had got over 60% of the electing bonds till date.”
While seeking for a bearing to the Centre not to permit any further offer of electoral bonds during the pendency of the case, the application asserted that more than ₹6,500 crores worth of bonds have been sold with most of the amount being transferred to the ruling party.
“… .there is a genuine trepidation that any further sale of the electoral bonds before the forthcoming state elections in West Bengal, Tamil Nadu, Kerala, and Assam would additionally increase unlawful and illegal financing of political groups through shell organizations,” said the plea recorded through advocate Prashant Bhushan.
The Organisation, ‘Association for Democratic Reforms’, has additionally documented a separate application requesting for urgent posting of the matter saying the matter was first listed for hearing last year.
The Supreme Court had then issued a stay order not on the Electoral Bonds Scheme and directed the Centre and the Election Commission to submit a response affidavit on the matter.
The Government had informed the Electoral Bond Scheme.
According to the rule, electoral bonds can be bought by an individual, who is a resident of India or consolidated or established in India.
An individual can purchase the electoral bonds, either independently or mutually with others.
As per the law, only the political parties enlisted under Section 29A of the Representation of the People Act, 1951 and who have received at least 1% of votes in the previous general election to the House of the People or the Legislative Assembly of the State, are qualified to get the bonds.
According to the notice, the bonds can be encashed by a qualified political group through a financial account with an approved or authorized bank.
In its new plea, the petitioner said that it had documented a public interest litigation (PIL) on the issue of corruption and disruption of democratic government through unlawful and illegal financing of the political groups and had also accused of lack of transparency in the records of all such parties.
“The applicant is documenting the present plea looking for a heading restraining the respondents from opening any further windows for issuance of electoral bonds during the pendency of the current writ appeal,” it said.
It further alleged that the electoral bond has opened the “conduits to limitless corporate gifts” to political groups and unknown financing by Indian as well as foreign organizations which can have genuine repercussions on the Indian democracy.
The plea added that the Election Commission and the Reserve Bank of India :
“protested against the electoral bonds and had informed against the issuance of such concerning the political groups.”
It further alleged that nearly 99% of the bonds bought are worth one crore and 10 lakh rupees which shows that it is not individual residents but enormous enterprises which are buying these bonds to receive benefits from authority.
It had been asserted that specific revisions made in Finance Act, 2017 and prior Finance Act, 2016, both passed as money bills, have opened ways to limitless political gifts, even from foreign organizations and subsequently legitimizing corruption at a tremendous scope, while simultaneously guaranteeing non-transparency in political subsidizing.
The Election Commission had informed the Supreme Court that it has received the status of electoral bonds from different political groups, including the Bharatiya Janata Party and the Congress.
The Election Commission had recorded a testimony in the apex court incompatibility to notification requesting the political groups to submit all subtleties from reserves received through electoral bonds in a sealed cover.
The Supreme Court had declined to remain the Centre’s Electoral Bond Scheme 2018 and clarified that it would conduct a hearing on the pleas as the Centre and the Election Commission have raised “significant issues” having “enormous bearing on the sacredness of the electing procedure in the country”.
The Centre and the Election Commission had before taken opposite remains in the court over political financing, with the public authority requesting to keep up secrecy of donors and the survey board demanding to publish names of contributors to maintain transparency in the system.
