As mandated by the Supreme Court, the State Bank of India (SBI) has provided information regarding the recipients and major donors of electoral bonds. This disclosure has uncovered the names of those who have benefited from the program. However, numerous questions remain unanswered in the electoral bond controversy. Despite the prohibition on purchasing electoral bonds, 20 new businesses have done so. Additionally, 33 businesses that collectively lost over Rs 1 lakh crore between fiscal years 2017 and 2023 donated close to Rs 582 crores. Several businesses also contributed more than their net profits. Furthermore, a number of contributor firms have faced regulatory actions from the Enforcement Directorate (ED) or the Income Tax (IT) department. In this video, The Hindu investigates the data to better understand the nature of electoral bond purchasers and highlights the concerns raised by their findings.
This disclosure has raised concerns that require further investigation. The data shows that 33 companies that had an aggregate loss of over Rs 1 lakh crore from FY17 and FY23, donated close to Rs 582 crores. This raises questions about the source of these funds and whether these companies were able to make such large donations despite their financial losses. Additionally, many donor firms had faced regulatory actions from the ED or the IT department. This raises concerns about the integrity of the electoral bond scheme and whether it is being used to launder money or fund illegal activities.
The SBI’s disclosure has provided some transparency into the electoral bond scheme. However, many questions remain unanswered. The government and the Election Commission need to take steps to address these concerns and ensure that the electoral bond scheme is used for its intended purpose of promoting transparency and accountability in political funding.
