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Electoral Bonds: Controversy and loyalty in the world of political donations
Electoral Bonds: In almost all the democracies around the world, the increasing role of money in politics and the problems related to it keep appearing in the news. Nowadays, there is discussion in India too. Every day, some or another revelation is coming out regarding electoral bonds.
If we study the figures, then it is still going on. Especially big corporations are being monitored, and it is being seen who is loyal to whom. Can we improve the silver system in the coming years?
Analysis of data released by the Election Commission of India shows that most corporations that purchase electoral bonds more than once are not loyal to any one party. The Bharatiya Janata Party has 43 loyal corporate donors, which is the highest compared to other parties.
Mamata Banerjee’s All India Trimurga gives 16 boons to Congress after BJP This analysis defines loyal donors as companies that have donated more than once and to the same party each time. Such donors include. The biggest buyer was Kolkata-based Ripley and Company and Handling Pvt Ltd, which was topped in value by the five properties given to BJP by DLF Commercial Developers worth Rs 130 crore.
91 companies that bought after the elections more than once had donated to the same party multiple times. The analysis of the election data released by the Election Commission is still going on. It is worth noting that 263 companies have challenged the analysis several times.
According to the report, out of 762 corporate donors, 263 have bought post-poll funds more than once within the stipulated time frame. Mega Engineering & Infrastructure companies buying the most frequently have bought the Chhattisgarh band and donated to nine different parties.
Electoral Bonds: BJP is the biggest beneficiary
The biggest beneficiary was the BJP, which was donated by 362 different corporate donors, out of which 43 were loyal donors, followed by 177 donors to the Congress, but only eight donors donated repeatedly.
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The big party as well as the ruling party also benefited in the matter of electoral bonds. Currently, BJP is the only party in our country with more than 300 donors, followed by Congress and Trinamool. These four major parties alone have more than 100 corporate donors. Corporates give life to those parties.
The policy of these companies can be easily explained to those who are in power, however, the very nature of donations made by corporations remains in dispute and the parties who receive donations remain on target.
We are able to see that the State Bank of India, the Supreme Court, and the Election Commission have tried to ensure transparency by issuing the final, but the political party has not given anything in this direction from the Supreme; in fact, there is no political party in our country. The party is not like that and can claim to have completely white money in its coffers.
Is political donation (Electoral Bonds) transparent in America, the oldest democracy?
The United States has learned from its experience, however, that even there, donations are not completely transparent. If you donate more than $50 directly to a candidate’s campaign, the campaign must report identifying data and secrets to the Federal Election Commission.
The problem lies in how non-profit organizations can spend money without disclosing donors. The US estimated that spent money in the 2020 election was more than a billion dollars.
Most of the world’s democracies are affected by political donations (Electoral Bonds)
Money is needed for politics, and in most countries, it impacts the election funding system. For example, in the recruitment scam in Japan, the Sensation’s Waste Mister scam in the UK, and the famous Water Gate scam in America, there are always a series of scams related to election payments. Recall that the problem of finances is worrying in almost all democracies. Election-based political corruption has also affected many European democracies, like Italy, Greece, France, Spain, and Belgium.
Companies also choose (electoral bond) parties as per their choice
It is worth noting that, according to the electoral data so far, 11 companies have changed parties. After donating to one party once, 11 companies have decided to donate to another party next time.
One of these companies is Aurobindo. There is also pharma, which is being discussed a lot. In these 11 cases, five friends have been the beneficiaries. Anmol Congress has been the beneficiary. The BJP has benefited in only three cases. No company wants to spoil its relations with any branch; hence, it donates to more parties.
What happens in America (Electoral Bonds)?
America may be the oldest democracy in the world, but it is also the most expensive democracy in the world. If you want to contest the presidential or congressional elections in America, then be prepared to become the best fundraiser. Accordingly, there should be an account audit and a legal team. In America, every transaction is closely monitored, and under the established system, people keep getting necessary information related to funding.
In any democracy, only Sita’s answer to the question of political funding will lead to many freedoms. A balance is also needed between principles and relatively equal opportunity, particularly as the US judiciary has learned from its history and understanding to handle political finance while maintaining constitutional guarantees of participation in the political process.
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