What is an electoral bond?
New Delhi (PTI): The Supreme Court on Thursday annulled the electoral bonds scheme for political funding, a much anticipated judgment with far-reaching ramifications. But what exactly are electoral bonds?
An electoral bond is a financial instrument for making donations to political parties as has been first pronounced by the Finance Minister in the Union Budget 2017-18.
According to the Electoral Bond Scheme, 2018, an electoral bond is issued in the nature of a promissory note, which shall be bearer in character. A bearer instrument is one which does not carry the name of the buyer or payee, no ownership information is recorded and the holder of the instrument (i.e. political party) is presumed to be its owner, explains Association for Democratic Reforms.
The scheme allows individuals -- who are citizens of India -- and domestic companies to donate these bonds issued in multiples of Rs 1,000, Rs 10,000, Rs 1 lakh, Rs 10 lakh, and Rs 1 crore to political parties of their choice.
These bonds have to be redeemed by the political parties within 15 days. A person being an individual can buy bonds, either singly or jointly with other individuals.
No limit exists on the number of electoral bonds that a person (including corporate entities) can purchase. The amount of bonds not encashed within the validity period of 15 days shall be deposited by the authorised bank to the Prime Minister's National Relief Fund.
The ADR pointed out that the scheme does not require political parties to mention the names and addresses of those contributing by way of electoral bonds in their contribution reports filed with the Election Commission annually.
Activists have questioned transparency in political party finances.
The bonds infringe the citizen's fundamental 'Right to Know'.
While electoral bonds provide no details to the citizens, the government can always access the donor details by demanding the data from the State Bank of India (SBI), the ADR pointed out.
"The ECI had stated on record that any donation received by a political party through an electoral bond has been taken out of the ambit of reporting and therefore, is a retrograde step and needs to be withdrawn," the ADR has said.
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Beauty of democracy: Tharoor congratulates BJP on civic body poll win in his constituency
New Delhi (PTI): Congress leader Shashi Tharoor on Saturday, while lauding the win of the UDF in Kerala local bodies elections, also congratulated the BJP for its historic performance in his Thiruvananthapuram constituency, calling it the "beauty of democracy".
In a post on X, he said the people's verdict must be respected, whether for the UDF overall or for the BJP in his constituency.
"What a day of amazing results in the Kerala local self-government elections! The mandate is clear, and the democratic spirit of the state shines through.
"A huge congratulations to @UDFKerala for a truly impressive win across various local bodies! This is a massive endorsement and a powerful signal ahead of the state legislative elections. Hard work, a strong message and anti-incumbency have all clearly paid off to achieve a much better result than in 2020," Tharoor said.
He said he also acknowledges the historic performance of the BJP in Thiruvananthapuram, and "offer humble congratulations on their significant victory in the city corporation - a strong showing that marks a notable shift in the capital's political landscape."
Tharoor said he campaigned for a change from 45 years of the LDF "misrule", but the voters have ultimately rewarded another party that also sought a clear change in governance.
"That is the beauty of democracy. The people's verdict must be respected, whether for the UDF overall or for the BJP in my constituency.
"We will continue to work for the betterment of Kerala, advocating for the people's needs and upholding the principles of good governance. Onwards and upwards!" Tharoor, who is the MP from Thiruvananthapuram, said.
The lotus bloomed in the state capital as the BJP-led NDA achieved a resounding win in the polls for the Thiruvananthapuram Corporation, snatching it from the CPI(M)-led LDF and marking an end to 45 years of continuous Left rule in the local body.
The win in the Thiruvananthapuram Corporation will act as a boost for the BJP in the 2026 Assembly polls, especially in the state capital.
Of the 101 wards in the Thiruvananthapuram Corporation, the BJP won 50, LDF 29, UDF 19 and two wards were won by independent candidates.
The BJP is one seat short of a decisive majority in the corporation.
Besides this, the NDA retained the Palakkad municipality after a close battle with the Congress-led UDF and wrested the Thrippunithura Municipality from the grand old party.
In Thrissur, from where Suresh Gopi won in the Lok Sabha polls last year, the BJP won 18 out of the 46 wards in Kodungallur Municipality, eight in Thrissur Corporation, two each in Guruvayoor and Vadakkancherry municipalities, seven in Kunnamkulam Municipality, six in Irinjalakuda Municipality and one in Chalakudy Municipality.
