Modi Govt spends nearly rs 14 crore on electoral bonds, taxpayers foot the bill
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The Union government has spent close to Rs 14 crore on printing and managing electoral bonds, as uncovered by a recent Right to Information (RTI) inquiry filed by transparency activist, retired Commodore Lokesh Batra.
According to the data unearthed through the RTI query, a staggering Rs 12,04,59,043 has been allocated as 'commission for the sale of electoral bonds' over 30 phases. This figure represents the charges imposed by the State Bank of India (SBI) for selling and administering these bonds. Additionally, Rs 1,93,73,604 accounts for the printing costs of the bonds, with an additional Rs 6,720 levied for 'device to verify Mask-A print security'.
The India Security Press, based in Nashik, tasked with the printing of these bonds, divulged a denomination-wise breakdown. The bonds printed include 2,65,000 electoral bonds of Rs 1,000; 2,65,000 bonds of Rs 10,000; 93,000 bonds of Rs 1 lakh; 26,000 bonds of Rs 10 lakh; and 33,000 bonds of Rs 1 crore.
One of the most contentious aspects of the Electoral Bonds Scheme is that the costs associated with printing and managing these bonds are not borne by the donors or the recipients but by the government and ultimately, the taxpayers.
Retired Commodore Lokesh Batra highlighted the irony of this arrangement, stating, "While donors who buy bonds are not required to pay any service charges or printing costs, it is the government, or ultimately, the taxpayers who bear this cost."
Moreover, Batra underscored the significant expenditure on government machinery and manpower required to operate the Electoral Bonds Scheme, all at the expense of taxpayers. He expressed concern over the scheme's facilitation of "anonymous tax-free funding" to political parties, characterizing it as opaque and detrimental to democratic transparency.
An earlier RTI inquiry by Batra uncovered that the Narendra Modi government printed a staggering 8,350 electoral bonds of Rs 1 crore each in 2024 alone. This revelation comes even after the Supreme Court had reserved its verdict on the constitutionality of the scheme in November 2023.
The cost breakdown of printing one electoral bond reveals that it amounts to Rs 25, with an additional 6% GST charged by both the Centre and state governments. This expenditure has raised eyebrows and intensified scrutiny over the fairness and transparency of the Electoral Bonds Scheme.
The Supreme Court delivered a significant blow to the scheme on February 15, deeming it unconstitutional and in violation of voters' right to information. The court directed the SBI to furnish details of the bonds to the Election Commission, marking a pivotal moment in the ongoing debate surrounding electoral funding transparency.