World

India’s Supreme Court scraps Electoral Bonds in setback to Modi’s BJP

Individuals and companies bought $1.99b of Electoral Bonds in total up to November 2023

Reuters February 15, 2024

Illuminated Supreme Court building is pictured from the International Media Center in New Delhi, India, September 9, 2023. PHOTO: REUTERS

NEW DELHI:

India's Supreme Court on Thursday scrapped a seven-year-old election funding system that allows individuals and companies to make unlimited and anonymous donations to political parties, calling it "unconstitutional".

The decision is seen as a setback for Prime Minister Narendra Modi's Bharatiya Janata Party, which has been the largest beneficiary of the system it introduced in 2017.

The system, called Electoral Bonds, was challenged by members of the opposition and a civil society group on the grounds that it hindered the public's right to know who had given money to political parties.

Under the system, a person or company could buy bonds from the state-run State Bank of India (SBI.NS), opens new tab and donate them to a political party.

Individuals and companies bought 165.18 billion rupees ($1.99 billion) of such bonds in total up to November 2023, according to the Association for Democratic Reforms (ADR), a non-government civil society group working on election funding in India. The group was a petitioner challenging the system.

PHOTO: REUTERS

A five-judge bench headed by Chief Justice D.Y. Chandrachud said: "Political contributions give a seat at the table to the contributor ... this access also translates into influence over policy making."

In making its ruling, it said: "The scheme has been declared unconstitutional, the issuance of fresh bonds is prohibited."

BJP spokesperson Gopal Krishna Agarwal said the party was "committed to continuous reforms on electoral funding" and would abide by the ruling.

Individuals could donate any amount of cash. Companies had been restricted based on their revenue and profits, but the bond system removed those limits.

The Supreme Court reinstated corporate donation limits.

"The ability of a company to influence the electoral process through political contributions is much higher when compared to that of an individual ... contributions made by companies are purely business transactions made with the intent of securing benefits in return," the court wrote.

The court directed SBI to not issue any more such bonds, to furnish identity details of those who had bought them, and to provide information about bonds redeemed by each political party.

Modi's government had defended the policy, saying it mitigated the use of cash in political funding by allowing donors a confidential channel to contribute to any party's funds.

Of the 120.1 billion rupees' worth of bonds sold up to the end of the fiscal year in March 2023 since they were introduced, BJP had received more than half, worth 65.66 billion rupees.

COMMENTS (4)

SAMIR SARDANA | 8 months ago | Reply THE EB SCHEME PROVES THAT THE INDIAN BUREAUCRATS AND NETAS CAN PASS LAWS WHICH NOT ONLY VIOLATE THE CONSTITUTION BUT ARE AGAINST BASIC CANONS OF MORALITY AND ETHICS AND PROMOTE MONEY LAUNDERING AND CORRUPTION.IN OTHER WORDS THE ENTIRE ARCHITECTURE IS CORRUPTED AND HAS A PRICE AND COUNTS FOR NOTHING AS DECISIONS ARE MADE BY A FEW and every one in the Indian State has a price CASE 1 A NON-TAX EXEMPTED TRUST BUYS BONDS WORTH 100 CRORES AND TRANSFERS IT TO POLITICAL PARTY X THE TRUST HAS A BALANCE SHEET OF 120 CRORES AND BANK FUNDS OF 100 CRORES DULY AUDITED. PERSON ZEE PAYS 120 CRORES IN CASH TO TRUSTEES OF EXEMPTED TRUST.TRUSTEES HAVE FOR A FEE OF RS 20 CRORES BOOKED A DONATION OF RS 100 CRORES WHICH IS NOW A TAX ASSESSED LOSS PERSON ZEE IS A BROKER DRUG DEALER PIMP ARMS DEALER ETC. THE TRUST WILL BRING IN THE CASH OF 100 CRORES INTO THE TRUST AT 15 PER ANNUM AS FEES DONATIONS RENTS ADVERTISEMENTS ETC. AND OFFSET THE INCOME WITH THE TAX LOSS OF DONATION PAID IS THIS IN NATIONAL INTEREST CASE 2 A TAX EXEMPTED TRUST BUYS BONDS WORTH 100 CRORES AND TRANSFERS IT TO POLITICAL PARTY X THE TRUST HAS A BALANCE SHEET OF 1200 CRORES AND BANK FUNDS OF 1000 CRORES DULY AUDITED. PERSON ZEE PAYS 120 CRORES IN CASH TO TRUSTEES OF EXEMPTED TRUST.TRUSTEES HAVE FOR A FEE OF RS 20 CRORES BOOKED A DONATION OF RS 100 CRORES PERSON ZEE IS A BROKER DRUG DEALER PIMP ARMS DEALER ETC. THE TRUST WILL BRING IN THE CASH OF 100 CRORES INTO THE TRUST AT 35 PER ANNUM AS DONATIONS FOR GYANVAPI TEMPLE AS THE TRUST IS A TEMPLE OR WILL BOOK CASH DONATIONS RECEIVED TO PROPAGATE HINDOO EVIL FILTH IS THIS IN NATIONAL INTEREST CASE 3 A TRUST BUYS ELECTORAL BEARER BONDS WORTH 100 CRORES FROM A PERSON S AT A 102 CRORES. SO THE TRUST IS OUT OF THE KYC TRAP OF SBI AND SBI HAS NO RECORD OF THE BOND THE TRUST HAS A BALANCE SHEET OF 1200 CRORES AND BANK FUNDS OF 1000 CRORES DULY AUDITED. THE TRUST TRANSFERS IT TO POLITICAL PARTY X PERSON ZEE PAYS 120 CRORES IN CASH TO TRUSTEES OF EXEMPTED TRUST.TRUSTEES HAVE FOR A FEE OF RS 18 CRORES BOOKED A DONATION OF RS 100 CRORES PERSON ZEE IS A BROKER DRUG DEALER PIMP ARMS DEALER ETC. THE TRUST WILL BRING IN THE CASH OF 100 CRORES INTO THE TRUST VIA AS MANY WAYS AS IT FEELS OR THE TRUST WILL DO ENTRIES OF INCOME WHERE IT BOOK INCOME AS RENTS ETC FROM PARTY D OF SAY 100 CRORES AND THE TRUST WILL BE PAID A 10 PREMIUM AS THE TRUST IS TAKING IN INCOME WHICH IT WILL OFFSET WITH THE DONATION TAX LOSS AND D WIL CLAIM A 30 TAX SET OFF ON THE RENT SO BOOKED OR THE TRUST WILL DO ENTRIES OF INCOME WHERE IT BOOK INCOME AS DONATIONS RECEIVED ETC FROM PARTY D OF SAY 10 CRORES AND THE TRUST WILL PAY D A 3-5 PREMIUM IN CASH WHICH IS PAID FROM THE CASH PAID BY ZEE ABOVE.THE PERSON D WILL GET A TAX OFFSET ON THE DONATION PAID IS THIS IN NATIONAL INTEREST CASE 4 THE TRUST IN CASE 1 TO 3 CANNOT JUSTIFY A DONATION OF 100 CRORES TO PARTY X SO COMPANY Y BUYS THE BEARER BONDS OF 100 CRORES FOR 102 CRORES by cheque TRUST HAS A HAPPY PROFIT OF RS 2 CRORES in the books COMPANY Y HAS EVADED THE SBI KYC AND THE CHAIN FROM COMPANY Y TO THE ULTIMATE POLITICAL PARTY IS UNKNOWN CASE 5 COMPANY A HAS A BALANCE SHEET OF 20 CRORES IT TAKES A LOAN OF 100 CRORES FROM COMPANY T AND BUYS THE EB AND THEN GIVES IT TO T COMPANY A NOW HAS A NEGATIVE EQUITY OF RS 80 CRORES PLUS INTEREST ON LOAN FROM T TRANSACTION HAPPENED IN 2017 AND IN 3 MONTHS THE COMPANY A IS LIQUIDATED AND ALL THE DIRECTORS ARE DEAD AS THEY WERE TERMINAL ZOMBIES.COMPANY A WAS FORMED 3 MONTHS BEFORE THE EB PURCHASE TERMINAL ZOMBIES ARE DIRECTORS HIRED WITH A EXPIRY LIFE OF 2-3 MONTHS ON WHOM KEYMAN POLICIES ARE ALSO TAKEN OR IN 2018 COMPANY T ACQUIRES A AND OFFSETS THE DONATION LOSS WITH ITS BOOKS AND NOW HAS A TAX ASSESSED LOSS OF SAY 100 CRORES. FROM 2018 TO 2024 JANUARY THE COMPANY T HAS TAKEN INCOME ENTRIES OF RS 100 CRORES AND HAS CHARGED A SERVICE FEES OF 10 OR RS 10 CRORES BY APRIL 2024 COMPANY T WILL BE LIQUIDATED AND ALL PAPER RECORDS WILL DISAPPEAR OR SET ON FIRE AND BY JUNE 2024 ALL THE DIRECTORS WILL BE DEAD AS THEY WERE ALSO TERMINAL ZOMBIES CASE 6 CASE 1 AND 2 WILL ALSO APPLY TO INDIAN COMPANIES. NO FOREIGN COMPANY OR FOREIGN INCORPORATED ENTITY WILL BE FOOLISH TO REGISTER WITH SBI CASE 7 IN ALL THE CASES 1 TO 6 AFTER THE ORIGINAL EB BUYER SELLS THE BOND IN CASH TO PERSON SAY ZEE THERE IS A CHAIN OF BOND TRADERS AND TRANSPORTERS IN CASH WHO ROTATE CASH FROM BLACK MONEY DRUGS ETC FOR A FEE AND DELIVER IT AT DIFFERENT GEOGRAPHIES OF POLITICAL PARTIES SO THAT BOND REDEMPTION REQUESTS ARE NOT BUNCHED AT A GEOGRAPHY ALL THE PLAYERS IN THE ABOVE CASES ARE BANIAS WHO I BELIEBVE SHOULD BE XTERMINATED dindooohindoo IN THE SELECTED WORKS OF AMBEDKAR WHICH IS ON THE MEA PORTAL AMBEDKAR DESCRIBES BANIAS AS UNDER The Bania is the worst parasitic class known to history. In him the vice of money-making is unredeemed by culture or conscience. He is like an undertaker who prospers when there is an epidemic. The only difference between the undertaker and the Bania is that the undertaker does not create an epidemic while the Bania does. He does not use his money for productive purposes. He uses it to create poverty and more poverty by lending money for unproductive purposes. INDIA IS BEING RUN BY BY BANIAS AS OF TODAY WHO CLAIM TO REPRESENT HINDOO PRIDE Ambedkar in his historic speech in Nagpur on October 15 1956 a day after he had embraced Buddhism said Even though I was born in the Hindu religion I will not die in the Hindu religion. This oath I made earlier yesterday I proved it true. I am happy I am ecstatic I have left hell this is how I feel. I do not want any blind follower

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samir sardana | 9 months ago | Reply THE STORY IS THAT THE INDIAN SUPREME COURT HAS PUT THE 1ST NAIL IN THE COFFIN OF CHAIWALA ELECTORAL BOND SCAM QUESTION IS HOW CAN IN LA-LA BANANA REPUBLIC OF HINDOOSTHAN COULD SUCH A LAW BE PASSED NETAS IN LOK SABHA ARE ILLITERATE SCUM THEY WILL PASS ANY LAW COMPANIES ACT HAS LIMITS ON LOANS INVESTMENTS DONATIONS BUT NOT ON EB HOW COULD SUCH A LAW BE PASSED INDIAN LAWS HAVE NO SANCTITY AS THEY ARE PASSED BY CHORS AND ILLITERATES THEY WILL PASS ANY LAW THEREFORE INDIAN LAWS SHOULD NOT BE FOLLOWED THEY ARE GARBAGE IF EB NAMES ARE DISCLOSED THEN SO SHOULD THE NAMES OF THE DONORS AT ALL HINDOO TEMPLES IN CASH AND IN KIND dindoooohindoo ONLY A FOOL WILL THINK THAT NON CASH PAYMENT FOR EB BONDS KEEPS NAME OF DONORS SECRET THE BONDS HAVE AN INVISIBLE CODE LIKE ON THE US 100 USD LINCOLN BILL DISCLOSING NAME OF BUYER OF EB IS OF NO USE A BUYS EB OF 1000 CRORES AND DISCLOSES HIS NAME AND GIVES BOND TO BJP BUT A WAS PAID RS 1100 CRORES IN CASH BY B TO BUY THE BONDS SOLUTION IS TO STATE FUNDING OF ALL PARTIES WITH 0.1 PER CENT VOTE SHARE dindooohindoo BOOK OF GENESIS PART 1 VERSE 1 - WHY WAS EB STARTED NOT TO STOP BLACK MOENY 20000 OR EVEN 2000000 CRORES IS A TADPOLE IN A SEA AS I SAID - BUYER OF EB IS A SHELL COMPANY EB IS A BEARER NBOND AND THEN THAT BOND IS GIVEN TO ADA - WHO GIVES IT TO BJP WHO ENCASHES IN IN 2 WEEKS ADA IS ON RECORDS END OF STORY SO THIS IS ALL BULLSHIT THE REAL REASONS ARE 2 1- BANIA JAIN PANDIT PARTY - BJP - WANTED TO GIVE A TAX REBATE ON A BRIBE SO CAME THIS SCHEME ADA GIVES RS 10000 CRORES TO BJP ADA USES A SHELL COMPANY WITH A LOSS IN INDIA TO BUY THE BREARR BONDS NOW THAT SHELL COMPANY HAS RS 10000 CRORES TAX ASSESSED LOSS. THE SHELL GIVES THE BOND TO BJP AND BJ ENCASHES THE SAME. AFTER 3 YEARS ADA ACQUIRES THE SHELL AND SETS OFF THE TAX LOSS - SO A GAIN OF RS 3000 CRORES THE 2ND REASON BANIA SCUM PARTY REALISED IN 2018 THAT THE DAYS OF USING BHANG AND MOON SHINE TO BUY VOTES ARE OVER NOW YOU NEED A MEDIA PROPOGANDA BLITZ FOR THAT YOU NEED BILLIONS IN USD IN WHITE AS CEC WILL CHECK THE NEWS ADVERTS AND ASK THE MEDIA FOR THR SOURCE OF FUNDS FOR BANIA BJP TO PAY BANIA ZEE - BANIO BJP NEEDS WHITE MONEY BUT THE BJP WANTS A SCHEME WHERE THE WHITE MONEY COMES ONLY TO BJP -SO THEY CHOOSE SBI WHICH REPORTS CONGRESS FUNDINGG TO BJP - AND TEHN BJP SENDS THE ED AND DRI SO CONRESS HAS NO MEDIA POWER CONGI USES SOCIAL MEDIA - WHCIH IS USELESS NOW COMES THE POLL RALLIES FOR THAT CASH IS REQUIRED NOT WHITE MONEY THERE CHAIWALA USED DEMO TO WIPE OUT THE CASH AND WILL SCRAP THE RS 2000 NOTE SOON ----------------------------------------------------------------------------------------------------- BUT THE MOST IMPORTANT REASON WHICH EVEN THE JUDGES OF HE APEX COURT MISSED - AS THEY DO NOT KNOW THE VERMINS THAT EXIST IN THE BJP ADA USES A LOSS MAKING SHELL TO BUY 10000 CRORES BONDS .SHELL COMPANT GIVES BONDS TO ADA WHO GIVES IT TO BJP NOW THE BIONDS ARE ENCASHED BY BJP ADA BUYS SHELL IN MERGER AFTER 2 YEARS AND SO CLAIMS THE TAX REBATE ON RS 10000 CRORES NOW BJP NEEDS 7000 CRORES IN WHIITE AND CASH IN BLACK OF RS 3500 CRORES FOR 2024 POLLS SO BJP USES THE EXCESS OF RS 3000 CRORES IN EB IN WHITE TO CONVERT THE RS 3500 CRORES IN BLACK INTO WHITE SO BJP GIVES THE RS 3500 CRORES IN CASH TO ADA FOR THE EXCESSS RS 3000 CRORES OF EB AND BJP KEEPS THE EXCESS RS 3000 CRORES BIP HAS WASHED ITS CASH AT THE RATE OF 12 - AND ADA WILL COMVERT THE RS 3500 CRORES INTO WHTE AT NIL COST USING HIS AGRI BUSINESS AND THEN REPEAT THE EB AGAIN AND AGAIN SO ADA PAYS 10000 CRORES - GETS TAX GAIN OF 3000 CRORES 3500 CRORES IN CASH WIN WIN FOR BJP AND ADA THE BALANCE 3500 CRORES ADA WILL DO 1O MORE CHURNS OF EB TO RECOVER RS 3500 CRORES SO ADA MAKES 3000 CRORES TAX GAIN OR NIL NET INVESTMENT HOW DID THE SHELL GET 10000 CRORES FROM A MAURITIUS FUND AS A SHARE CAPITAL ENTRY WHO OWNS THE FUND THE REAL OWNER VEDIC MATHS THAT IS THE GAME REAL GAME THAT IS Y FOR MUSLMS - PARTITION IS THE SOLUTION HINDOO BANIA BRAHMIN IS SCUM AND EVIL A MUSLIM CANNOT PLACE HIS LIFE IN THE HANDS OF THESE SCUM PARTITION IS THE ONLY SOLUTION

SAMIR SARDANA | 9 months ago | Reply THE STORY IS THAT THE INDIAN SUPREME COURT HAS PUT THE 1ST NAIL IN THE COFFIN OF CHAIWALA ELECTORAL BOND SCAM QUESTION IS HOW CAN IN LA-LA BANANA REPUBLIC OF HINDOOSTHAN COULD SUCH A LAW BE PASSED NETAS IN LOK SABHA ARE ILLITERATE SCUM THEY WILL PASS ANY LAW COMPANIES ACT HAS LIMITS ON LOANS INVESTMENTS DONATIONS BUT NOT ON EB HOW COULD SUCH A LAW BE PASSED INDIAN LAWS HAVE NO SANCTITY AS THEY ARE PASSED BY CHORS AND ILLITERATES THEY WILL PASS ANY LAW THEREFORE INDIAN LAWS SHOULD NOT BE FOLLOWED THEY ARE GARBAGE IF EB NAMES ARE DISCLOSED THEN SO SHOULD THE NAMES OF THE DONORS AT ALL HINDOO TEMPLES IN CASH AND IN KIND dindoooohindoo ONLY A FOOL WILL THINK THAT NON CASH PAYMENT FOR EB BONDS KEEPS NAME OF DONORS SECRET THE BONDS HAVE AN INVISIBLE CODE LIKE ON THE US 100 USD LINCOLN BILL DISCLOSING NAME OF BUYER OF EB IS OF NO USE A BUYS EB OF 1000 CRORES AND DISCLOSES HIS NAME AND GIVES BOND TO BJP BUT A WAS PAID RS 1100 CRORES IN CASH BY B TO BUY THE BONDS SOLUTION IS TO STATE FUNDING OF ALL PARTIES WITH 0.1 PER CENT VOTE SHARE dindooohindoo BOOK OF GENESIS PART 1 VERSE 1 - WHY WAS EB STARTED NOT TO STOP BLACK MOENY 20000 OR EVEN 2000000 CRORES IS A TADPOLE IN A SEA AS I SAID - BUYER OF EB IS A SHELL COMPANY EB IS A BEARER NBOND AND THEN THAT BOND IS GIVEN TO ADA - WHO GIVES IT TO BJP WHO ENCASHES IN IN 2 WEEKS ADA IS ON RECORDS END OF STORY SO THIS IS ALL BULLSHIT THE REAL REASONS ARE 2 1- BANIA JAIN PANDIT PARTY - BJP - WANTED TO GIVE A TAX REBATE ON A BRIBE SO CAME THIS SCHEME ADA GIVES RS 10000 CRORES TO BJP ADA USES A SHELL COMPANY WITH A LOSS IN INDIA TO BUY THE BREARR BONDS NOW THAT SHELL COMPANY HAS RS 10000 CRORES TAX ASSESSED LOSS. THE SHELL GIVES THE BOND TO BJP AND BJ ENCASHES THE SAME. AFTER 3 YEARS ADA ACQUIRES THE SHELL AND SETS OFF THE TAX LOSS - SO A GAIN OF RS 3000 CRORES THE 2ND REASON BANIA SCUM PARTY REALISED IN 2018 THAT THE DAYS OF USING BHANG AND MOON SHINE TO BUY VOTES ARE OVER NOW YOU NEED A MEDIA PROPOGANDA BLITZ FOR THAT YOU NEED BILLIONS IN USD IN WHITE AS CEC WILL CHECK THE NEWS ADVERTS AND ASK THE MEDIA FOR THR SOURCE OF FUNDS FOR BANIA BJP TO PAY BANIA ZEE - BANIO BJP NEEDS WHITE MONEY BUT THE BJP WANTS A SCHEME WHERE THE WHITE MONEY COMES ONLY TO BJP -SO THEY CHOOSE SBI WHICH REPORTS CONGRESS FUNDINGG TO BJP - AND TEHN BJP SENDS THE ED AND DRI SO CONRESS HAS NO MEDIA POWER CONGI USES SOCIAL MEDIA - WHCIH IS USELESS NOW COMES THE POLL RALLIES FOR THAT CASH IS REQUIRED NOT WHITE MONEY THERE CHAIWALA USED DEMO TO WIPE OUT THE CASH AND WILL SCRAP THE RS 2000 NOTE SOON ----------------------------------------------------------------------------------------------------- BUT THE MOST IMPORTANT REASON WHICH EVEN THE JUDGES OF HE APEX COURT MISSED - AS THEY DO NOT KNOW THE VERMINS THAT EXIST IN THE BJP ADA USES A LOSS MAKING SHELL TO BUY 10000 CRORES BONDS .SHELL COMPANT GIVES BONDS TO ADA WHO GIVES IT TO BJP NOW THE BIONDS ARE ENCASHED BY BJP ADA BUYS SHELL IN MERGER AFTER 2 YEARS AND SO CLAIMS THE TAX REBATE ON RS 10000 CRORES NOW BJP NEEDS 7000 CRORES IN WHIITE AND CASH IN BLACK OF RS 3500 CRORES FOR 2024 POLLS SO BJP USES THE EXCESS OF RS 3000 CRORES IN EB IN WHITE TO CONVERT THE RS 3500 CRORES IN BLACK INTO WHITE SO BJP GIVES THE RS 3500 CRORES IN CASH TO ADA FOR THE EXCESSS RS 3000 CRORES OF EB AND BJP KEEPS THE EXCESS RS 3000 CRORES BIP HAS WASHED ITS CASH AT THE RATE OF 12 - AND ADA WILL COMVERT THE RS 3500 CRORES INTO WHTE AT NIL COST USING HIS AGRI BUSINESS AND THEN REPEAT THE EB AGAIN AND AGAIN SO ADA PAYS 10000 CRORES - GETS TAX GAIN OF 3000 CRORES 3500 CRORES IN CASH WIN WIN FOR BJP AND ADA THE BALANCE 3500 CRORES ADA WILL DO 1O MORE CHURNS OF EB TO RECOVER RS 3500 CRORES SO ADA MAKES 3000 CRORES TAX GAIN OR NIL NET INVESTMENT HOW DID THE SHELL GET 10000 CRORES FROM A MAURITIUS FUND AS A SHARE CAPITAL ENTRY WHO OWNS THE FUND THE REAL OWNER VEDIC MATHS THAT IS THE GAME REAL GAME THAT IS Y FOR MUSLMS - PARTITION IS THE SOLUTION HINDOO BANIA BRAHMIN IS SCUM AND EVIL A MUSLIM CANNOT PLACE HIS LIFE IN THE HANDS OF THESE SCUM PARTITION IS THE ONLY SOLUTION

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