Open Forum
New Delhi, 6 March 2024
Electoral Bonds Timing
SBI’S PLAYS SPOILSPORT?
By Dhurjati Mukherjee
The State
Bank of India has wittingly or unwittingly come to the aid of the Modi
government. The much-awaited exposure on who the donors were to the electoral
bonds worth Rs 35,660 crore unfortunately will not be known till after the big
battle of elections 2024. This as the SBI on Monday last petitioned the Supreme
Court to extend the deadline for submitting the details on the purchase of
these bonds to the Election Commission of India by June 30, instead of March 6
as directed following the landmark judgement striking down the bond scheme.
Importantly,
the Opposition will not have authentic ammunition, details of the donors which
were to go on the ECI website by March 13, to flog its charges against the
government of being pro-rich, during the ensuing polls. Some reactions to the
SBI plea are worth a mention. The Congress said, “Narendra Modi is leaving no
stone unturned to hide the business of donations. When the Supreme Court said
it is the right of the people of the country to know the truth about the electoral
bonds, then why does SBI not want this information to be made public before the
elections?” The CPM said, “This would be a travesty of justice. Is the SBI
seeking extension till the general elections are over to protect Modi and
the BJP from exposure of the ‘quid pro quo’ that the Supreme Court
apprehended. In this digital age, all this information is a mouse-click away.
Seeking extension raises suspicious apprehensions.”
Interestingly,
in its plea to the top court the SBI said that while it ‘intends to comply with
the directions issued, there are certain practical difficulties with the
decoding exercise…due to stringent measures undertaken to ensure that the
identity of the donors was kept anonymous…’
Indeed,
the timing of the exposé would have played a significant role in these crucial
elections and the delay tilts the balance in favour of the government.
It’s no
denying that money power in polls has put a big question mark on the country’s
reputation of a vibrant democracy. The availability of vast financial
resources, mainly to the ruling dispensation, obviously gives their candidates
an unfair advantage over others, leading to an uneven playing field where those
with more money dominate the political arena.
The
verdict of the 5-bench constitutional had referred to how large, anonymous
donations by the rich to the ruling party can lead to “quid pro quo” in the
form of influence over policy making and thus sought details – amount, date,
donor and recipient – relating to every electoral bond purchased and cashed
over the past six years, since April 2019.
It was
rightly felt that electoral bonds far from curbing black money and preventing
money laundering has steeply increased the income of political parties from
‘unknown sources’ to a staggering Rs 11,829 crore during the years 2018-19 to
2021-22. The share of income from unknown sources for national parties rose
from 66% during 2014-15 to 2016-17 to 72% during the years 2018-19 to 2021-22.
Between 2019-20 and 2021, the bond income has been 81% of the total unknown
income of national parties.
Close on
the heels of this development, the Congress wrote to Union Finance Minister
Sitharaman citing information available on ECI website, furnished by the BJP
itself, which showed how 30 companies hounded by the CBI, IT and ED paid Rs 335
crore to the ruling party in what looks like a quid pro quo. Reports, it said, “suggest
that 30 companies embroiled in the net of central agencies which have become
extortion agents paid Rs 335 crore donations to the BJP”. The above letter
referred to reports that chronicle instances wherein the probe agencies arrested,
searched or seized assets of certain companies and later were apparently coerced
to donate to the BJP.
According
to the Association for Democratic Reforms, the total funds raised by political
parties through electoral bonds between 2017-18 and 2022-23 was around Rs
12,000 crore out of which the BJP’s share was as high as 54.8%. Even if this is
considered white money, the party has raised much more money for its expenses,
which also includes ‘buying’ legislators and political leaders.
According
to Prof. Atul Sood of the Centre for the Study of Regional Development, JNU,
multinational companies were involved in tax abuse to the tune of Rs 75,000
crore per annum.
The
pro-corporate ruling party has thus allowed tax concessions of around Rs 1 lakh
crore every year to Indian domestic corporate houses but most of these were not
increasing their investments.
Recall
that the court verdict pointed out: “Economic inequality leads to differing
levels of political engagement because of the deep association between money
and politics. At a primary level, political contributions give ‘a seat in the
table’ to the contributor”. It had rightly rejected the Centre’s argument
that by ensuring anonymity, the scheme not only disincentivised
money-laundering and the stashing of black money but granted immunity to the
donor from victimisation by parties to which he did not make sufficient
donations.
According
to available figures 47% of contributions to parties have been through bonds
and 94% of these have been in the denomination of Rs 1 crore. Electoral bonds
obviously created a genre of corporate kingmakers, who would have a big say in
policy making with an additional incentive of anonymity.
While
the Supreme Court analysed the issue with specific focus on the right to
information of citizens to the identity of the donor, which in turn would
impact his/her choice of voting, of greater significance is that the judgment
has strengthened the constitutional ideal of free and fair elections. Anonymous
and exponential funding with no cap is possible only by corporate giants, who
could claim illegitimate entry into governance. That money so obtained in
donation can be used by political parties for any purpose and not necessarily
for election expenditure, makes it not only unjust but also unjustifiable. Will
the striking down of the electoral bond scheme make a big difference? Fear is
another ingenious scheme would replace it and role of money power, not only in
elections but governance itself would remain.
Whether
the country’s political leadership is at all interested in strengthening laws
related to campaign, finance and enforcing transparency in political funding will
need to be watched. Bolstering independence of institutions like the Election
Commission and law enforcement agencies, under question, can be a step towards ensuring
what is sought: free and fair elections.
Addressing
such challenges requires a collective effort from citizens, political parties,
and the government. Transparency, accountability, and a culture of ethical
politics is the need of the hour. It remains to be seen whether India can
safeguard its democratic principles in the coming years and halt the political
leadership’s schemes to undermine the republic. As said, if there’s a will, there’s
a way.---INFA
(Copyright, India News & Feature Alliance)
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