Nirmala Sitharaman hints at bringing in a political funding framework that will be acceptable to all
8 months ago

Nirmala Sitharaman hints at bringing in a political funding framework that will be acceptable to all

Live Mint  

Union Finance Minister Nirmala Sitharaman has hinted at the posibility of bringing back the electoral bonds scheme after proper consultation with stakeholders if voted to power. While speaking to HindustanTimes, she said, “We still have to do a lot of consultation with stakeholders and see what is it that we have to do to make or bring in a framework which will be acceptable to all, primarily retain the level of transparency and completely remove the possibility of black money entering into this." Also Read: Electoral bonds data: Future Gaming donated ₹ 150 crore to YSR Congress, ₹ 50 crore to BJP This is not the first time the finance minister has defended the electoral bonds scheme. During an interview with The New Indian Express, Sitharaman had said, the BJP regime brought the law “to clean up electoral financing".

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History of this topic

Congress demands FM Nirmala Sitharaman’s resignation over FIR in electoral bonds scheme case
2 months, 3 weeks ago

Congress demands FM Nirmala Sitharaman’s resignation over FIR in electoral bonds scheme case

The Hindu  

The Congress on Sunday demanded the resignation of Union Finance Minister Nirmala Sitharaman after a case was lodged against her and others on directions of a special court in Karnataka, which was hearing a complaint relating to the now-scrapped electoral bonds scheme. Addressing a press conference, senior Congress leader Abhishek Manu Singhvi and general secretary Jairam Ramesh reiterated the party’s …

FIR Against Nirmala Sitharaman On Charges Of Extortion, Criminal Conspiracy Related To Electoral Bond Scheme
2 months, 3 weeks ago

FIR Against Nirmala Sitharaman On Charges Of Extortion, Criminal Conspiracy Related To Electoral Bond Scheme

ABP News  

Bengaluru, Sep 28 A case was registered on Saturday against Union Finance Minister Nirmala Sitharaman and others on the directions of a court here, following a complaint relating to the now-scrapped electoral bonds scheme. According to police, an FIR was registered under IPC sections 384, 120B and 34 against Union Minister Nirmala Sitharaman, ED officials, office-bearers of the BJP at …

States seek improvements in 50-year interest-free loan scheme
6 months ago

States seek improvements in 50-year interest-free loan scheme

The Hindu  

States have urged the Centre to make some improvements in the 50-year interest free loan scheme for pursuing capital investment projects, under which the Union government has proposed to give them ₹1.3 lakh crore this year, the same amount as 2023-24. Ministers from States made suggestions related to the ‘Scheme for Special Assistance to States for Capital Investment’, first launched …

Electoral bonds will be back after consultations: Finance Minister Nirmala Sitharaman
8 months ago

Electoral bonds will be back after consultations: Finance Minister Nirmala Sitharaman

Hindustan Times  

The Bharatiya Janata Party intends to bring back electoral bonds in some form after wide consultations will all stakeholders if it is elected back to power in the 2024 general elections, Union finance minister Nirmala Sitharaman said on Friday, reposing her faith in the controversial political funding scheme that was scrapped by the Supreme Court in February but admitting that …

Rahul calls electoral bonds world’s biggest ‘extortion scheme’, attacks Modi
8 months, 1 week ago

Rahul calls electoral bonds world’s biggest ‘extortion scheme’, attacks Modi

Hindustan Times  

Member of Parliament Rahul Gandhi on Wednesday called the now-scrapped electoral bonds the world’s biggest “extortion scheme” and Prime Minister Narendra Modi a “champion of corruption” as the Congress leader addressed a press conference with Samajwadi Party chief Akhilesh Yadav in Ghaziabad, which is due to go to the polls on April 26 in the second phase of national polls. …

Finance Minister Nirmala Sitharaman defends the electoral bonds scheme: ‘One step better than what went before’
8 months, 1 week ago

Finance Minister Nirmala Sitharaman defends the electoral bonds scheme: ‘One step better than what went before’

Live Mint  

Union Finance Minister Nirmala Sitharaman has defended the now-scrapped electoral bonds scheme saying that the scheme was “one step better than what went before”. “Electoral funding will have to go through a lot more transparency.” The Finance Minister rebutted charges of freezing the bank accounts of the Congress party just before the Lok Sabha polls. Responding to questions about AAP …

​Pandora’s box: The Hindu Editorial on the electoral bonds scheme, emerging details
8 months, 1 week ago

​Pandora’s box: The Hindu Editorial on the electoral bonds scheme, emerging details

The Hindu  

In the last month or so, ever since the State Bank of India was compelled by the Supreme Court of India to release information on donations via electoral bonds to political parties, emerging details have only confirmed the worst fears of naysayers in regulatory and policy-making institutions about the scheme before it was introduced by the Bharatiya Janata Party -led …

Bonds, big money and an imperfect democracy
8 months, 3 weeks ago

Bonds, big money and an imperfect democracy

The Hindu  

The electoral bonds scheme that has been declared unconstitutional by the Supreme Court of India, was supposed to end the financing of elections with black money. In effect, the electoral bonds scheme was only an additional avenue for funds that political parties received. Cronyism uncovered Even though the electoral bonds formed a fraction of the total funding requirement of political …

Letters to The Editor — March 29, 2024
8 months, 3 weeks ago

Letters to The Editor — March 29, 2024

The Hindu  

Candid confession Union Finance Minister Nirmala Sitharaman’s remark that she does not have funds to contest the Lok Sabha polls is illogical. Kshirasagara Balaji Rao, Hyderabad Ms. Sitharaman’s remarks clearly show how important being a ‘money bag’ is in India’s elections. Ganti Venkata Sudhir, Secunderabad One can only hope that the Prime Minister has heard what his Finance Minister had …

’Electoral bond issue not only biggest scam in India but...,’ FM Nirmala Sitharaman’s economist husband says
8 months, 3 weeks ago

’Electoral bond issue not only biggest scam in India but...,’ FM Nirmala Sitharaman’s economist husband says

Live Mint  

Renowned economist Parakala Prabhakar has projected that the "electoral bond issue" will cost the ruling Bharatiya Janata Party heavily. Prabhakar, the husband of Union Finance Minister Nirmala Sitharaman, told news channel Reporter TV, "The electoral bond issue will gain much more momentum than what it is today. The BJP received the maximum funds via electoral bonds at ₹6,986.5 crore between …

Bonded favours: The Hindu Editorial on the electoral bond scheme, sordid revelations
9 months ago

Bonded favours: The Hindu Editorial on the electoral bond scheme, sordid revelations

The Hindu  

Sordid revelations that keep pouring from the disclosure of details about the purchasers and recipients of electoral bonds confirm the early apprehension of sceptics that the anonymous political funding scheme will have undesirable consequences. Ranging from likely quid pro quo deals to flagrant proximity between companies being investigated by central agencies and the purchase of electoral bonds worth hundreds of …

Electoral bonds: Key Supreme Court hearing today as SBI, NGO file petitions | 10 points
9 months, 1 week ago

Electoral bonds: Key Supreme Court hearing today as SBI, NGO file petitions | 10 points

Hindustan Times  

All eyes will be on the Supreme Court on Monday, March 11, as it will hear the application filed by the State Bank of India seeking an extension till June 30 to disclose details of each electoral bond encashed by political parties before the scheme was scrapped last month. A view of the Supreme Court of India A five-judge Constitution …

Explainer | Ctrl + Delete: Electoral Bonds
9 months, 4 weeks ago

Explainer | Ctrl + Delete: Electoral Bonds

New Indian Express  

"Political contributions give a seat at the table to the contributor. This access also translates into influence over policy-making,” said Supreme Court Chief Justice D Y Chandrachud while declaring the electoral bond scheme illegal in a landmark judgment on February 15. The CJI’s sharp words underscore the notion of the unholy nexus between money power and political parties, and how …

Making sense of electoral bond judgment through data
10 months ago

Making sense of electoral bond judgment through data

The Hindu  

Last week, the Supreme Court ruled the electoral bonds Scheme unconstitutional, saying that the anonymous influx of funding to political parties, especially from corporations, hinders democratic legitimacy. In Justice Sanjiv Khanna’s opinion, “access to information which can materially shape the citizens’ choice is necessary for them to have a say in how their lives are affected.” This meant Solicitor General …

The clear message in the Court’s ‘no’ to electoral bonds
10 months, 1 week ago

The clear message in the Court’s ‘no’ to electoral bonds

The Hindu  

The judgment of the Supreme Court of India, on February 15, 2024, striking down the electoral bonds scheme, is a landmark moment. The judgment says: “The chief reason for corporate funding of political parties is to influence the political process which may in turn improve the company’s business performance.” Electoral bonds also removed the earlier limits on how much of …

Ban on India’s electoral bonds: How will it affect 2024 election?
10 months, 1 week ago

Ban on India’s electoral bonds: How will it affect 2024 election?

Al Jazeera  

While transparency advocates and opposition leaders say ban is a big win for democracy, Modi’s BJP dominates other political funding and remains confident ahead of national elections. Opposition leaders say the judgement represents a setback for Prime Minister Narendra Modi’s ruling Bharatiya Janata Party, whose government introduced the electoral bonds scheme seven years ago and which battled long and hard …

Electoral bonds scheme 'unconstitutional’: Supreme Court strikes down poll funding system
10 months, 1 week ago

Electoral bonds scheme 'unconstitutional’: Supreme Court strikes down poll funding system

Hindustan Times  

In a landmark verdict, the Supreme Court on Thursday said the electoral bonds scheme has to be struck down as “unconstitutional”. The SBI shall submit details of electoral bonds purchased since April 12, 2019, to date to the Election Commission, the Supreme Court said. "In a very significant judgment which will have a long-term effect on our electoral democracy, the …

Electoral Bond Scheme: As SC judgment awaits; a look at BJP vs Congress share
10 months, 1 week ago

Electoral Bond Scheme: As SC judgment awaits; a look at BJP vs Congress share

Live Mint  

The Supreme Court is scheduled to pronounce its verdict on Thursday on a batch of petitions challenging the validity of the Electoral Bond scheme, which allows for anonymous funding to political parties. In July last year, the ADR data had revealed that more than half of all donations made to political parties between 2016-17 and 2021-22 were through electoral bonds …

What are electoral bonds? Did they give BJP an unfair advantage?
10 months, 1 week ago

What are electoral bonds? Did they give BJP an unfair advantage?

Hindustan Times  

Electoral bonds, the scheme introduced by the NDA government in 2018 allowing anonymous funding to political parties, was struck down by the Supreme Court on Thursday. According to the provisions of the scheme, only the political parties registered under Section 29A of the Representation of the People Act, 1951 and which secured not less than 1 per cent of the …

FM Nirmala Sitharaman: True Vote on Account Budget, Shows Our Secularism in Action
10 months, 3 weeks ago

FM Nirmala Sitharaman: True Vote on Account Budget, Shows Our Secularism in Action

News 18  

A day after presenting the interim budget, Finance Minister Nirmala Sitharaman spoke exclusively to Network18 Group Editor-in-Chief Rahul Joshi about how it was a “true vote on account budget”. “We treated it like a true vote on account, an interim budget before an election, and also an interim budget which is being presented with the clear understanding that the several …

Challenging the Electoral Bond Scheme
1 year, 1 month ago

Challenging the Electoral Bond Scheme

The Hindu  

Political parties in India have traditionally been averse to any sort of public scrutiny of the sources and applications of their funds. By relieving the political parties of the duty to disclose the particulars of their donors, the amendments eroded the ECI’s constitutional role and deprived citizens of vital information concerning electoral funding. The ADR’s research has shown that electoral …

Aakar Patel | It's time to end the anonymous funding of all Indian elections
1 year, 1 month ago

Aakar Patel | It's time to end the anonymous funding of all Indian elections

Deccan Chronicle  

The Supreme Court has finished hearing arguments on electoral bonds and will hopefully deliver a judgment soon. The scheme also allows anyone, including foreign governments, criminal gangs and of course corporate interests, the ability to influence political parties because parties could accept money without revealing who gave it. “The bonds are bearer bonds and transferable by delivery”, the RBI said, …

Decoding the Opposition to Electoral Bonds & How Centre is Defending Its Scheme - News18
1 year, 1 month ago

Decoding the Opposition to Electoral Bonds & How Centre is Defending Its Scheme - News18

News 18  

The Supreme Court reserved its verdict on the challenge to the present electoral bonds scheme after hearing the matter at length. The notifications derived their power and authority from the four amendments brought in by the Finance Act of 2017 and passed in one go as ‘money bill’, overhauling political party funding in India. A political party that has secured …

Supreme Court reserves verdict in the challenge to the electoral bonds scheme
1 year, 1 month ago

Supreme Court reserves verdict in the challenge to the electoral bonds scheme

The Hindu  

A Constitution Bench headed by Chief Justice of India D.Y. The bench also directed the Election Commission of India to submit within two weeks information on the receipt of electoral bonds by political parties till September 30. Earlier, the bench had flagged how the ‘selective anonymity’ of the scheme makes it easier for the ruling party to obtain information about …

Electoral bonds compromise people's right to be informed: Supreme Court told
1 year, 1 month ago

Electoral bonds compromise people's right to be informed: Supreme Court told

India Today  

A five-judge Constitution Bench of the Supreme Court, presided by Chief Justice of India DY Chandrachud, began hearing the batch of petitions challenging the validity of the electoral bonds scheme months ahead of Assembly elections in 5 states and Lok Sabha polls next year. On Day 1 of the hearing, petitioners conveyed their concerns to the bench, asserting that electoral …

Validity of electoral bonds scheme | Supreme Court fixes April 11 to examine whether petitions need to be referred to Constitution Bench
1 year, 9 months ago

Validity of electoral bonds scheme | Supreme Court fixes April 11 to examine whether petitions need to be referred to Constitution Bench

The Hindu  

The Supreme Court on March 21 fixed April 11 to examine whether petitions challenging the validity of electoral bonds scheme need to be referred to a Constitution Bench. Explained | The electoral bonds scheme and the challenges to it in Supreme Court Mr. Farasat argued that the issue of election bonds raised cardinal and substantial questions of law affecting fair …

Finance Minister Nirmala Sitharaman drops hint that Centre is considering restoring state status to Jammu and Kashmir
2 years, 1 month ago

Finance Minister Nirmala Sitharaman drops hint that Centre is considering restoring state status to Jammu and Kashmir

Firstpost  

Sitharaman was saying this while talking about the distribution of funds to the states by the Centre as per the recommendations of the 14th Finance Commission New Delhi: Finance Minister Nirmala Sitharaman on Saturday dropped a hint that Centre is considering restoring state status to Jammu and Kashmir. During the event of Centre-state relations – Cooperative Federalism: The Path Towards …

Electoral bonds scheme: Supreme Court says it will take up matter
2 years, 8 months ago

Electoral bonds scheme: Supreme Court says it will take up matter

The Hindu  

Chief Justice of India N.V. Ramana on Tuesday told advocate Prashant Bhushan that the court wanted to take up earlier a long-pending challenge against the government’s electoral bonds scheme, but the COVID-19 pandemic played spoilsport. The electoral bonds scheme and amendments in the Finance Act of 2017 allows for “unlimited donations from individuals and foreign companies to political parties without …

Supreme Court dismisses petition filed against sale of electoral bonds
3 years, 8 months ago

Supreme Court dismisses petition filed against sale of electoral bonds

Op India  

The Supreme Court on Friday dismissed an application that had sought a stay on the sale of Electoral Bonds ahead of the upcoming State Assembly elections in West Bengal, Assam, Kerala, Tamil Nadu and Puducherry. A Supreme Court bench comprising of Chief Justice of India SA Bobde, Justice AS Bopanna and Justice V Ramasubramanian refused to stay the release of …

Plea to stop sale of poll bonds ahead of Assembly elections
3 years, 9 months ago

Plea to stop sale of poll bonds ahead of Assembly elections

The Hindu  

An NGO, Association for Democratic Reforms, represented by advocate Prashant Bhushan, has moved an urgent application in the Supreme Court to stop any move to sell electoral bonds prior to the forthcoming Assembly elections in crucial States like West Bengal and Tamil Nadu. The NGO, also represented by advocate Neha Rathi, voiced serious apprehensions that sale of electoral bonds before …

Ensuring trust in the electoral process
3 years, 9 months ago

Ensuring trust in the electoral process

The Hindu  

The Election Commission of India has announced dates for elections to five Legislative Assemblies. However, using the money bill route to bypass the Rajya Sabha, the government introduced regressive amendments to laws, including the Income Tax Act of 1961, the Companies Act of 2013, and the Representation of the People Act of 1951, to introduce electoral bonds which allow donors …

Nirmala Sitharaman to Unveil Another Stimulus Package Soon to Boost Covid-19 Hit Economy, Says Economic Affairs Secy
4 years, 1 month ago

Nirmala Sitharaman to Unveil Another Stimulus Package Soon to Boost Covid-19 Hit Economy, Says Economic Affairs Secy

News 18  

Finance Minister Nirmala Sitharaman will soon announce the next set of stimulus package to boost the coronavirus-hit economy, Economic Affairs Secretary Tarun Bajaj said on Tuesday. The government had announced a Rs 1.70 lakh crore Pradhan Mantri Garib Kalyan Yojana in March to protect the poor and vulnerable sections from the impact of COVID-19 crisis. It was followed by the …

Centre Announces Clean-up of Political Funding System with Electoral Bonds
6 years, 11 months ago

Centre Announces Clean-up of Political Funding System with Electoral Bonds

Live Law  

The Centre has notified the Electoral Bond Scheme to cleanse the political funding system in the country. The scheme, which was announced in the Budget speech in February 2018, will allow individuals and entities to purchase electoral bonds in the denominations of Rs. 1000, Rs. 10,000, Rs. 1,00,000, Rs. 10,00,000 and Rs. 1,00,000,000. These bonds will be available for purchase …

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