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Is there a discrepancy in electoral bond purchase and encashment figures

Following the release of electoral bonds data by the Election Commission, the Congress has raised concerns about discrepancies.

By Ground report 15 Mar 2024

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Following the release of electoral bonds data by the Election Commission, the Congress has raised concerns about discrepancies in the numbers of entries in donor and recipient files. Specifically, there are 18,871 entries in the donor file and 20,421 entries in the recipient file.

Discrepancy in electoral bond figures

Congress leader Amitabh Dubey pointed out that while the electoral bond scheme was introduced in 2017, the data presented only covers the period from April 2019 onwards. "The donors file has 18,871 entries, the recipients file has 20,421 entries. Why the discrepancy @TheOfficialSBI?" he said on X.

Tagging Dubey's post, Congress MP and AICC in-charge of Andhra Pradesh Manickam Tagore said, "Ah, yes, the electoral bond scheme, where transparency meets selective amnesia. Donors file: 18,871 entries. Recipients file: 20,421 entries. Coincidence? I think not." "@TheOfficialSBI, you've truly mastered the art of hiding in plain sight," he said.

Ah, yes, the electoral bond scheme, where transparency meets selective amnesia.
Donors file: 18,871 entries.
Recipients file: 20,421 entries. Coincidence? I think not. @TheOfficialSBI, you've truly mastered the art of hiding in plain sight. #ElectoralBondsCase" https://t.co/6gO6OTHW1b
— Manickam Tagore .B🇮🇳மாணிக்கம் தாகூர்.ப (@manickamtagore) March 14, 2024

According to The Wire report, there is a discrepancy in the electoral bond purchase and redeemed figures. Out of approximately ₹6,128.72 crores worth of electoral bonds that were purchased, 99.67% of them (approximately ₹6,108.47 crores) were redeemed by political parties. The difference between the total number of bonds purchased and the number of bonds redeemed raises questions about transparency and accountability in the political funding system.

Anjali Bhardwaj, a transparency rights activist, told The Wire that the State Bank of India might have only released data from April 12, 2019, due to this discrepancy. She explained that electoral bonds remain valid for 15 days from the date of purchase. Consequently, it could be possible that parties redeemed some of the bonds bought at the beginning of April, after April 12. Thus, their redemption data is currently available, but not their sales data.

Additionally, Congress Working Committee member Gurdeep Singh Sappal highlighted that although the SBI informed the Supreme Court that a total of 22,217 electoral bonds were purchased, the data released today only lists details for 18,871 bonds. The missing details for 3,346 bonds raise further questions about transparency and accountability.

Electoral bonds data

The Election Commission of India (ECI) released electoral bond data on its website a day ahead of the Supreme Court's deadline. This move comes amidst a high-profile case unfolding just weeks before general elections.

The top five purchasers of electoral bonds, ranging from a lottery company operating across multiple states to entities involved in large-scale infrastructure projects, collectively spent more than ₹3,446 crore between April 2019 and February 2024, as per the released data.

The data released by the Election Commission reveals that buyers of electoral bonds include companies like Spicejet, IndiGo, Grasim Industries, Megha Engineering, Piramal Enterprises, Torrent Power, Bharti Airtel, DLF Commercial Developers, Vedanta Ltd., Apollo Tyres, Edelweiss, PVR, Keventer, Sula Wines, Welspun, Sun Pharma, Vardhman Textiles, Jindal Group, Phillips Carbon Black Limited, CEAT Tyres, Dr Reddy's Laboratories, ITC, Kaypee Enterprises, Cipla, and Ultratech Cement.

On the other hand, political parties that redeemed electoral bonds include BJP, Congress, AIADMK, BRS, Shiv Sena, TDP, YSR Congress, DMK, JD-S, NCP, Trinamool Congress, JDU, RJD, AAP, Samajwadi Party, Jammu and Kashmir National Conference, BJD, Goa Forward Party, Maharashtrawadi Gomantak Party, Sikkim Krantikari Morcha, JMM, Sikkim Democratic Front, and Jana Sena Party.