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Electoral Bonds

All articles tagged with #electoral bonds

politics1 year ago

"Lottery King Emerges as Top Political Donor in India's Opaque Electoral Bond System"

Santiago Martin, known as India's "lottery king", and his company emerged as the top political donor in India's opaque funding system, spending 13.68 billion Indian rupees between 2019 and 2024. The now-scrapped funding system allowed anonymous and unlimited donations to political parties. Martin, accused of fraud and money laundering, has a chequered history and has faced allegations of cheating state governments through his lottery business. Despite the defunct funding system being found unconstitutional, there is no suggestion of improper donations.

via Reuters India|
#electoral-bonds#fraud#india
politics1 year ago

"Unveiling the Nexus: Money, Politics, and Anonymous Donations in India"

A data dump from the State Bank of India has revealed the flow of $1.7 billion in electoral bonds to India's political parties since 2019, raising questions about the nexus between money and politics. The ruling Bharatiya Janata Party (B.J.P.) has received nearly four times as much as the next six parties combined, leading to allegations of using law enforcement agencies to extort businesses for funding. The revelations have sparked controversy and shed light on the lack of transparency in political funding in India.

via The New York Times|
#corruption#electoral-bonds#india
politics1 year ago

"India's Supreme Court Declares Electoral Bonds Unconstitutional, Halts Fundraising Scheme"

India's Supreme Court has declared the Electoral Bonds system, which allowed anonymous and unlimited donations to political parties, as unconstitutional, posing a setback for Prime Minister Narendra Modi's Bharatiya Janata Party. The system, in place since 2017, was challenged for hindering transparency in political funding. The court reinstated corporate donation limits, directed the State Bank of India to cease issuing such bonds, and mandated disclosure of bond buyers' identities and information on bonds redeemed by each political party. The decision aims to address concerns about the influence of money in politics and the lack of transparency in political funding.

via Reuters India|
#election-funding#electoral-bonds#india
politics1 year ago

"India's Supreme Court Declares Electoral Bonds Unconstitutional, Scraps Opaque Funding System"

India's Supreme Court has declared the electoral bond system unconstitutional, scrapping the seven-year-old election funding system that allowed anonymous and unlimited donations to political parties. The decision is seen as a setback for Prime Minister Narendra Modi's BJP, the largest beneficiary of the system. The court directed the State Bank of India to cease issuing these bonds, disclose buyer identities, and provide information on redeemed bonds. Critics hailed the ruling as a win for transparency and democracy, addressing the public's right to know who funds political parties. The court's decision reinstated corporate donation limits and highlighted concerns about the influence of business transactions on the electoral process.

via Al Jazeera English|
#electoral-bonds#india#narendra-modi
politics1 year ago

"The Controversy Surrounding India's Electoral Bonds and BJP's Funding"

India's Supreme Court has banned electoral bonds, a secretive source of political funding that has generated hundreds of millions of dollars for parties, particularly the ruling BJP. Introduced in 2018, electoral bonds allow anonymous donations to political parties, with the BJP receiving 57% of the total donations. Critics argue that the system promotes opacity, facilitates money laundering, and gives the ruling party an unfair advantage. The court's ruling could significantly impact the upcoming general elections and the role of untraced money in Indian politics.

via Al Jazeera English|
#bjp#electoral-bonds#india