A recent report suggested that the ruling BJP had allegedly benefited from breaking electoral bond regulations on the eve of the 2018 Karnataka Assembly elections by allegedly forcing the State Bank of India to encash expired electoral bonds totalling Rs 10 crore.
According to a report by The Reporters’ Collective, the late Finance Minister Arun Jaitley, purportedly compelled the State Bank of India (SBI) to accept expired electoral bonds totaling Rs 10 crore. These bonds were encashed despite being past the legally mandated 15-day period for redemption.
The Election Commission of India (ECI) has recently disclosed these irregularities, shedding light on how the Finance Ministry's interpretation of rules resulted in an illegal directive to SBI, facilitating the encashment of the BJP's expired bonds.
What's particularly concerning is that these bonds were reportedly purchased during an unauthorized "extra" window for bond sales, requested by the Prime Minister's Office (PMO) ahead of the Karnataka elections. This "special" 10-day window was not part of the regulations initially notified by the Centre, indicating a breach of electoral bond orders.
Moreover, similar breaches occurred before the Gujarat state elections in December 2022, where another "special" 10-day window was opened for bond sales. These instances raise serious questions about the transparency and legality of electoral bond transactions, which were introduced as a means of political funding ostensibly to ensure anonymity and curb corruption.
The BJP emerges as the primary beneficiary of this controversial funding mechanism, having received a staggering Rs 8,251.8 crore through electoral bonds out of the total bonds sold worth approximately Rs 16,518 crore. This revelation underscores the BJP's dominance in utilizing electoral bonds for fundraising purposes, far outstripping its political rivals.
While the BJP tops the list with nearly 50% of all bonds sold, other political parties also feature, albeit significantly behind. The Congress trails far behind the BJP, with Rs 1,952 crore worth of bonds redeemed, followed closely by the Trinamool Congress at Rs 1,705 crore.