Electoral Bonds: BJP took home lion's share of Rs 16,000 crore political funding
Supreme Court on Thursday banned electoral bonds that had become a major source of funding for political parties in India.
The scheme, termed 'unconstitutional' now by the apex court contributed over Rs 16,000 crore to political parties' coffers since 2018. Among the beneficiaries, the ruling Bharatiya Janata Party (BJP) stands out, receiving a lion's share of around 55%, or approximately Rs 6,565 crore, PTI reported citing data from the Election Commission and the Association for Democratic Reforms (ADR).
These bonds, which allow for anonymous donations, have been a key component of political funding, with some regional parties relying heavily on them for financial support.
For the BJP, electoral bonds constitute more than half of its overall income, indicating their crucial role in sustaining political campaigns.
However, the recent ruling by the Supreme Court has thrown the future of such funding into uncertainty. The court declared the scheme unconstitutional, citing concerns about transparency and accountability in political funding. Chief Justice of India DY Chandrachud highlighted the importance of upholding fundamental rights and expressed reservations about the efficacy of electoral bonds in curbing so-called black money in politics.
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Moreover, State Bank of India, the sole authorised seller of
