SC ordered Election Commission to Published Data on Electoral Bond

Utkarsh Classes Last Updated 15-03-2024

SC ordered Election Commission to Published Data on Electoral Bond

Supreme Court 4 min read

The Election Commission of India on its official website on March 14 published the electoral bonds data as ordered by the Supreme Court.

In the data on electoral bonds, the only information available about donors is the name of their company or individual.

Biggest donors

In the data released, 1,260 companies and individuals purchased electoral bonds worth ₹12,769 crore. The top 20 companies accounted for nearly half of the total amount donated.

Biggest individual donors

Ms SN Mohanty is the top individual donor with a total donation of ₹45 crore. Lakshmi Niwas Mittal follows with a donation of ₹35 crore.

About the Electoral Bond Scheme

The Electoral Bonds Scheme was made in 2017 and implemented in 2018. It allows individuals and groups to give money to registered political parties without disclosing their identities. This maintains donor anonymity.
Only political parties registered under Section 29A of the Representation o.f the People Act, 1951, who got at least 1% of valid votes in the previous elections of the Lok Sabha or a state legislative assembly can get electoral bonds.
The Electoral Bonds are Promissory Notes that don't have the names of the buyer or payee. They come in five denominations: Rs. 1,000, Rs. 10,000, Rs. 1,00,000, Rs. 10,00,000, and Rs. 1,00,00,000.0
The Electoral Bond is valid for 15 days from the date of issuance. If it's deposited at the bank after the validity period, no payment will be made to any payee Political Party.
The issuing branch will give the Electoral Bonds if all the requirements are met. The information the purchaser provides will be confidentially treated by the State Bank of India and will not be disclosed to any authority except under court order or criminal investigation asked about information.
An application that doesn't meet the requirements, such as citizenship, KYC norms, etc., will be rejected. On a non-refundable basis the Electoral Bonds are issued to the purchaser.
The Electoral Bonds can be bought for ten days each quarter, as advised by the GOI. The GOI will specify an additional period of thirty days in the year of General Elections to the House of People.
The Bonds don't gain interest and can't be traded on any Stock Exchange. No loan can be extended against the security of these Bonds.