The State Bank of India (SBI) yesterday provided details regarding electoral bonds (EB) to the Election Commission (EC). These details include the purchase date of each EB, the purchaser’s name, and the amount of the bond. Additionally, the details of EB contributions received by each political party were also required.
What SC directed to EC?
SC has directed EC to undertake two significant tasks in response. Firstly, EC must upload its own data on EB contributions to parties on its website today. Secondly, by 5 pm on March 15, EC has been instructed to upload the SBI data on EBs. This move aims to consolidate all EB-related data into a single accessible platform.
What SBI’s donor list contains?
Once the data is made available, the public will gain access to a comprehensive list of EB purchasers, along with the purchase dates and amounts. Furthermore, a detailed list of recipients will be provided.
However, the revelation of who contributed how much to which party may not be straightforward for several reasons. Firstly, SC clarified that it is not seeking to match donors with recipients directly. Thus, the purchase of an EB by a company does not necessarily imply a donation to a specific party.
Complexities in Identifying Donors
Secondly, the details provided by SBI may or may not include the “unique number” assigned to each bond. This unique identifier is crucial for matching donations to parties accurately.
Electoral Bond: Corporate Identity Challenges
Thirdly, even if unique numbers are available, determining the ‘true’ corporate identity of the donor remains challenging. Amendments in the Companies Act allowed any company, regardless of its size or financial status, to purchase EBs. Consequently, this provision has facilitated the establishment of ‘shell companies’ by major corporations for political funding purposes. Identifying the actual corporate entity behind a company that appears to be a significant donor, but is seemingly obscure, poses a significant challenge.
