New Delhi, A report by The Reporters’ Collective alleges that the Bharatiya Janata Party (BJP) capitalized on expired electoral bonds to secure funds on the verge of the 2018 Karnataka assembly elections, violating established rules. The finance ministry reportedly pressured the State Bank of India (SBI) to accept these expired bonds, thereby facilitating additional, unauthorized financial support for the BJP.
According to Kashmir Media Service, this incident came to light through information released by the Election Commission of India (ECI), which suggests that the late finance minister Arun Jaitley’s office coerced the SBI into processing Rs 10 crore worth of expired electoral bonds to benefit the BJP. This situation follows a 2019 revelation by The Reporters’ Collective that pointed to an anomaly where the SBI permitted an unnamed political entity to redeem electoral bonds post their expiration date, raising questions about procedural adherence and transparency.
The disclosures implicate the finance ministry in bending the rules established for the electoral bonds scheme, which was initially introduced to ensure transparency in political funding. The scheme outlines specific windows for the sale and redemption of these bonds, yet, in the instances cited, these guidelines were apparently disregarded to accommodate political exigencies.
Moreover, the report underscores that the electoral bonds scheme has predominantly advantaged the BJP, with the party allegedly receiving nearly half of all funds raised through this mechanism. This finding accentuates concerns regarding the potential for disproportionate influence and the need for stringent adherence to the electoral financing rules to uphold democratic integrity.
The incident raises significant questions about the oversight and regulation of electoral bonds, emphasizing the necessity for a robust framework to prevent misuse and ensure that political financing remains transparent and accountable.