Amit Shah voices concerns over scrapping of electoral bonds, fears return of black money

Union Home Minister Amit Shah expressed apprehension over the scrapping of the electoral bonds scheme, stating concerns about the resurgence of black money in political funding. His remarks came during his address at the India Today Conclave 2024, marking his first reaction following the Supreme Court's decision to strike down the scheme last month.

Shah emphasized that the electoral bonds scheme was initially introduced with the intent to eradicate black money from political contributions. He refrained from directly commenting on the Supreme Court's ruling but expressed willingness to engage in discussions regarding the scheme's objectives and implementation.

The electoral bonds scheme, initiated by the central government in 2018, faced judicial annulment by the apex court, sparking debates on its efficacy and implications on political financing.

Highlighting the operational mechanics of the scheme, Shah explained the transition from cash donations to a regulated process where entities were required to procure bonds from the Reserve Bank of India using cheques before donating to political parties.

Responding to allegations of undue benefits to the BJP, Shah questioned the disappearance of a significant portion of the total bond value. He disclosed figures indicating the distribution of funds among various political entities, with the BJP receiving a substantial amount alongside other major parties.

Challenging criticism directed at the BJP's funding, Shah criticized opposition parties for disproportionate contributions relative to their parliamentary representation. He defended the transparency of the scheme, asserting that transactions were traceable in both party and donor bank accounts.

In a related development, the Supreme Court admonished the State Bank of India for non-disclosure of electoral bond data, underscoring lapses in compliance with previous directives. The Election Commission of India recently published electoral bond data on its website, shedding light on purchases and encashments made by parties and donors.