'When anonymous billionaires use electoral bonds to funnel thousands of crores into the coffers of India’s political parties, the Indian taxpayer pays the banking fees, commissions, printing costs and associated charges, documents reviewed by HuffPost India establish. Neither the secretive billionaire donor, nor the recipient political party, pay a paisa to maintain the secure infrastructure of banking channels, accounts and printing presses that facilitate political donations.
'The State Bank of India (SBI) resorted to misinformation, and in some cases falsehood, in its responses to Right to Information (RTI) inquiries on the controversial electoral bonds scheme, even as it regularly funnelled information on the scheme to the Finance Ministry, documents reviewed by HuffPost India establish.
'The Ministry of Law and Justice signed off on the Narendra Modi government’s decision to hastily pass the controversial electoral bond scheme by bypassing the Rajya Sabha, despite putting on record that the government’s strategy was illegal and unconstitutional, documents obtained by HuffPost India establish. In a two-page note, the law ministry said this illegal step was a one-off exception and urged the Modi government to “avoid considering this practice as a precedent”, the documents reviewed by HuffPost India show.
'On Tuesday, replying to a question in Rajya Sabha raised by DMK’s Tiruchi Siva about what the Reserve Bank’s “indirect” approval to the issuance of electoral bonds meant, Finance Minister Nirmala Sitharaman said: “RBI, being a stakeholder, was involved in the consultation process and during the consultation process, they had certain questions to ask about the particular platform of issuance as to who is going to issue it and also the proforma with which it is going to be issued.
Electoral bonds are bearer bonds, introduced as a mechanism for individuals and companies to donate money to political parties in India in 2018 by the BJP government. They were introduced without consultation and ignoring objections of the Election Commission and the RBI. Electoral bonds worth Rs.
'Though the Ministry of Finance had thought about sharing details of the electoral bond scheme with political parties and seeking the public’s comments on it, the idea was dropped after a presentation before the prime minister on August 21, 2017... RTI activist Bharadwaj says it is apparent that during the meeting with the prime minister, the decision to not consult political parties and not circulate the draft scheme to all national and state parties with a 15-day window to seek their comments was taken.
'The controversy over electoral bonds has resurfaced, this time after a five-part investigative series by Nitin Sethi that was published in HuffPost India. The series alleged that the government lied, bent rules and repeatedly ignored objections raised by various stakeholders. To demand answers, the Congress protested at the Parliament’s Gandhi Statue on Friday/ The party’s MP’s have been demanding that the ruling BJP government — especially Prime Minister Narendra Modi — break the silence over the issue...
'The Prime Minister’s Office under Narendra Modi reportedly ordered for rules about electoral bonds – which the Centre itself had notified just two months earlier – to be broken in March 2018, ahead of assembly elections in six states. The broken rules, Nitin Sethi reports for HuffPost India, were first called an ‘exception’ but quickly turned into the norm. The report is based on government documents obtained under the Right to Information Act by transparency activist Commodore Lokesh Batra (retired)...
'...Journalist Nitin Sethi, who authored the report, has earlier on November 18-19, published two reports in Huffpost India, revealing the stringent opposition from the Reserve Bank of India, the Election Commission and opposition parties on the unveiling of the controversial electoral bearer bonds. It has been revealed that the Narendra Modi-led government dismissed the Election Commission of India’s strident opposition to electoral bonds, lied to the Indian Parliament and finally resorted to a hurried cover-up when it's misstatements were caught...'
'Before unveiling the electoral bonds scheme – which renders political funding more opaque and allows parties to receive unlimited amounts of money without having to disclose where it came from – the Narendra Modi government ignored the Reserve Bank of India’s recommendation not to go ahead with it, HuffPost India has reported. Four days before Arun Jaitley was to announce the scheme in his Budget speech of 2017, a tax official going through the documents realised that the change would require amendments to the Reserve Bank of India Act, Nithin Sethi reports.
