One of the national media house, though RTI, revealed that Modi and BJP party ordered illegal electoral bond sale before the elections to some of the states. As soon as the news broke, opposition parties started targeting Modi and PMO office. If these allegations proved, it might cause major embarrassment to the government led by Modi as PM has been speaking sternly against Black money and money laundering. Details as below.
What are these electoral bonds?
Funds to political parties has been a topic of debate in the country. Modi’s government has proposed some reforms in this area. Issuing of Electoral Bonds is one such reform. These bonds will be like bearer bonds or promissory notes. One can go to the specified bank and buy the bonds of any political party issuing the bonds. The political party will encash this amount into an account that is registered with the Election commission.
Pros and Cons of electoral bonds:
One pro is that funds being collected by the political parties are accounted money or clean money. However, there are many cons. There is no obligation on the part of the donor (individual or corporate) or the political party to reveal from where the donations come from. This will go against transparency, the basic motto behind the electoral bonds. Coupled with the removal of the cap on foreign funding, electoral bonds invite foreign corporate powers to impact Indian politics. This may have serious consequences on Indian democracy.
What is current political controversy regarding these bonds on Modi’s government:
Just before the elections to some of the key states like Karnataka, Chattisgarh, Mizoram, Madhya Pradesh, etc, PMO directed the finance ministry to break its own rules to approve the unscheduled and illegal sale of electoral bonds for state assembly elections on two separate occasions. Also, it is revealed that BJP garnered 95% of all political donations made through this particular funding channel. PMO opened an extra window of sale before the elections, bypassing the rules.
Opposition comments:
Jairam Ramesh tweeted, ‘It shows Modi PMO opened illegal windows of sale of Electoral Bonds, before critical state polls for BJP. This is unprecedented! PMO directing murky political donations. Na khaunga, na khane doonga? Kya hua tera vaada?”. Many analysts also pointed out that the governing party has used secretive electoral bonds to hold onto power in the world’s largest democracy.
It is expected that the issue of the electoral bonds will create turmoil in current parliament sessions.
