It takes an Oscar-worthy director to come up with the juicy drama that somehow seems to pervade India’s pre-general election seasons. Amid all the chaos, a political hot topic has just witnessed a major development: the electoral bonds row. <cmsannotation type="cmsannotation" annotationid="What are electoral bonds?" comment="subhead" text="What are electoral bonds?">What are electoral bonds?</cmsannotation> For those unversed in the whole episode, the government introduced the <keyword id="4697813" type="General" weightage="100" keywordseo="electoral-bond" source="Orion">Electoral Bond</keyword> Scheme via the Finance Act of 2016-2017, allowing anyone to anonymously make an indefinite number of non-capped donations to their preferred political parties. Before this scheme, all donations above Rs 20,000 had to be explicitly made public, and donations of more than a certain percentage of the company’s revenue were disallowed. Such restrictions were meant to ensure that no political party had an unfair monetary advantage over the others and that the policies would not be influenced by the rich. Therefore, many experts were concerned that this new lack of transparency in the donation process opened up a gaping avenue for big corporations to donate for favourable outcomes from the ruling regime in terms of acquiring licences, government contracts, leases, and even accelerating favourable policy changes. The government insists that the measure ensures transparency as the purchaser would be allowed to buy bonds only on due fulfilment of all the extant KYC norms and by making payment from a bank account. However, the opposition parties kept raising objections, with the <keyword id="19895371" type="General" weightage="20" keywordseo="congress" source="keywords">Congress</keyword> leader Rahul Gandhi terming the electoral bond scheme as a legalisation of the process of accepting bribes and commissions. <cmsannotation type="cmsannotation" annotationid="How did the Supreme Court step in?" comment="subhead" text="How did the Supreme Court step in?">How did the <keyword id="19895345" type="General" weightage="20" keywordseo="supreme-court" source="keywords">Supreme Court</keyword> step in?</cmsannotation> Recently, in a move that many celebrated as a major win for transparent and fair electoral practices, a Constitution Bench panel of five Supreme Court judges scrapped the Centre’s electoral bonds scheme on February 15, deeming that the whole ordeal was “unconstitutional” to begin with. Subsequently, the <keyword id="19934368" type="General" weightage="20" keywordseo="state-bank-of-india" source="keywords">State Bank of India</keyword> (<keyword id="19898108" type="General" weightage="20" keywordseo="sbi" source="keywords">SBI</keyword>) was ordered to disclose all details of the donors that had purchased electoral bonds, the amount purchased, and the recipients of these “support” donations. Nearly a month after the directive, SBI finally submitted the electoral data to the <keyword id="19895782" type="General" weightage="20" keywordseo="election-commission" source="keywords">Election Commission</keyword> on March 13, after the apex court denied its application for more time. The bank attributed the delay in compiling the information to the non-digital nature of the way electoral data was collected and stored, making it harder to collate and produce. <cmsannotation type="cmsannotation" annotationid="What does the data reveal?" comment="subhead" text="What does the data reveal?">What does the data reveal?</cmsannotation> The data published by the Election Commission based on SBI’s affidavit revealed information on over 22,217 electoral bonds purchased between April 1, 2019 and February 1, 2024. This also means there exists a year’s worth of data missing from the first year of the electoral bonds scheme, amounting to hundreds of crores of Rupees. Further, the very content of the data remains lacklustre, many experts maintain. The problem is that individual electoral bonds do not have their serial numbers attached. This makes it impossible to accurately ascertain who these bonds were directed to, meaning we still do not know which corporations donated how much to which parties. Condemning the SBI for not divulging the unique serial numbers as per its previous full-disclosure directive, the Supreme Court has now issued a notice for a prompt response by March 18. <cmsannotation type="cmsannotation" annotationid="Which political party benefited the most?" comment="subhead" text="Which political party benefited the most?">Which political party benefited the most?</cmsannotation> While many political parties benefited from this scheme, the Bharatiya Janata Party (<keyword id="19894848" type="General" weightage="20" keywordseo="bjp" source="keywords">BJP</keyword>) encashed about 1,300 crores worth of electoral bonds during the 2023 financial year, according to media reports. This amounted to about half of the total electoral bond donations, and more than seven times the amount Congress received during the same period. Out of a total of 12,155 crores worth of electoral bonds purchased between 2019 and 2024, BJP redeemed Rs 6061 crores, followed by Mamata Banerjee’s Trinamool Congress at Rs 1610 crores. A total of 213 donors purchased bonds worth over Rs 10 crores, with the top 20 donors accounting for nearly half of the total electoral bonds. <cmsannotation type="cmsannotation" annotationid="Are scams hiding behind the electoral bonds?" comment="subhead" text="Are scams hiding behind the electoral bonds?">Are scams hiding behind the electoral bonds?</cmsannotation> The ruling party receiving such a disproportionate share of the electoral bonds has raised many eyebrows. Rajya Sabha Minister Kapil Sibal expressed discontent with the SBI report, calling it a “scam” and explaining that it needs thorough investigation by the Enforcement Directorate (ED) and the Central Bureau of Investigation (CBI). Jharkhand Congress President Rajesh Thakur emphasised that a comprehensive study is essential to ascertain the true extent to which companies might have their money to get favour from the central government. Many Congress leaders, such as Manickam Tagore and Jairam Ramesh, also held that it was suspicious that only companies that donated funds to the BJP were given projects and contracts. The other problem is the fact that several of the big purchasers have been consistently under the radar of central agencies, facing frequent raids. This includes the top donor, Lottery company Future Gaming and Hotel Services, led by “Lottery King” Santago Martin, who donated a whopping Rs 1,368 crores. Many others also concern that large corporations may have donated money through shell corporations, in order to hide their involvement in any political favouritism. Congress MP Manish Tewari asked for a Supreme Court order to “lift” this corporate veil of shell companies to reveal the true purchasers of the bonds. Further, as per a Mint analysis, several donor companies who contributed massive amounts were found to be ‘inactive’, and thus the true details of the donors were not transparent at all. According to their report, this included entities such as Rungta Sons, SN Mohanty, Sasmal Infrastructure Private Limited, Avees Trading Finance, and others, whose collective contributions amount to hundreds of crores of Rupees. The official electoral bond data can be accessed via the <a href="https://www.eci.gov.in/candidate-politicalparty" data-type="tilCustomLink">Election Commission of India website</a>.

Electoral bonds: What are they? What does the newly-released data reveal? Would it make an impact?

<ul><li>The <keyword id="6354731" type="UNKNOWN" weightage="20" keywordseo="state-bank-of-india">State Bank of India</keyword> (SBI) has warned its customers to beware of scam calls and messages on WhatsApp. </li><li>Back actors are offering up lottery winnings or customer gift offers to try and lure customers into revealing their bank details. </li><li>“Cybercriminals are waiting for just one mistake,” said the advisory.</li></ul>India’s largest public sector bank, the State Bank of India (SBI), issued a warning to its customer to remain wary of calls and messages on WhatsApp. <div type="Article" hostid="261" msid="76505433" title="SBI warns 2 million users may be at risk of phishing attacks in Delhi, Mumbai and other major cities" mstype="2" mssubtype="0"></div> Scamsters are using fake lottery schemes or customer gift offers to try and obtain account information. “Cybercriminals are waiting for just one mistake — please do not trust such fake callers or forwarded messages,” <a href="https://twitter.com/TheOfficialSBI/status/1310137090898898944">said the advisory.</a> This isn't the first warning that the banking behemoth has issued. Earlier this month, SBI also asked customers to be on the lookout for fraudulent phishing emails. As more people shift to digital payments to maintain contact-less during the coronavirus pandemic, there has been a surge in cyber threats — especially in the digital finance space. SBI’s policy is to fully compensate for any fraud that takes place due to the bank's fault. However, in case the loss is due to the customer's negligence, they will not get a refund. Here’s how protect yourself from banking scams on WhatsApp: <ul><li>Be aware that SBI never calls or asks for personal or account specific information through WhatsApp or emails.</li><li>There are no lottery schemes or lucky customer gift offers going on. </li><li>Don’t share banking information over WhatsApp messages or calls under any circumstances. </li><li>Keep your ATM PIN and other sensitive details only to yourself.</li><li>Double check the URL before clicking on it to make sure it’s the official ID. Better yet, type in the bank’s official URL into the address bar yourself. </li><li>Make sure you have a strong password on your net banking account. </li><li>Make sure your device and browser are up to date. </li><li>Don’t log in using public Wi-Fi.</li></ul>SEE ALSO: <a href="https://www.businessinsider.in/finance/banks/news/banks-stocks-hdfc-icici-sbi-kotak-mahindra-indusind-react-to-sc-verdict-on-moratorium/articleshow/78358550.cms">Bank stocks gain as Supreme Court defers verdict on loan moratorium case to October 5</a> <a href="https://www.businessinsider.in/tech/apps/news/free-calls-on-google-meets-will-be-limited-to-60-minutes-starting-september-30/articleshow/78360190.cms">Free calls on Google Meets will be limited to 60 minutes starting September 30</a> <a href="https://www.businessinsider.in/finance/banks/news/supreme-court-inclined-to-excuse-moratorium-interest-on-interest-as-it-gives-the-government-another-two-weeks-to-file-detailed-affidavit/articleshow/78033878.cms">Loan moratorium — Supreme Court gives government till Thursday to file affidavit, next hearing scheduled for October 5</a>

SBI warns customers to beware of WhatsApp calls and scam messages

New Delhi, Several political parties declined to share details of electoral bond donors citing various legal provisions, while others said they received the funding instruments through "drop box" or by post without any name. The DMK, which received most of its donations from a lottery firm, reached out to its donors to seek details of the electoral bonds as demanded by the <keyword id="19895345" type="General" weightage="20" keywordseo="supreme-court" source="keywords">Supreme Court</keyword> in 2019. The BJP cited the amendments to the Representation of People Act, 1951 and the relevant portions of the Reserve Bank of India Act and the Income Tax Act for not revealing its donors. "It is duly submitted that the electoral bonds were introduced with the aim of bringing only accounted for funds in political funding while protecting the donors from any consequences, therefrom," the BJP said in its letter to the <keyword id="19895782" type="General" weightage="20" keywordseo="election-commission" source="keywords">Election Commission</keyword>. The <keyword id="19895371" type="General" weightage="20" keywordseo="congress" source="keywords">Congress</keyword> shot off a letter to the <keyword id="19934368" type="General" weightage="20" keywordseo="state-bank-of-india" source="keywords">State Bank of India</keyword> (SBI) seeking details of donors of electoral bonds, the amount, the bank account in which it was credited and the date. The SBI responded to the Congress that the details of the electoral bonds were available with the political parties and shared the statement of the bank account which was shared with the Commission. The Samajwadi Party shared details of bonds of relatively smaller amounts of Rs 1 lakh and Rs 10 lakh, but merely mentioned that 10 bonds of Rs 1 crore each were received by post without any name. The DMK, which received almost 77 per cent of its funds from lottery king Santiago Martin's Future Gaming, said it had reached out to the donors of the party to get details of the donations they had made. "The scheme also does not require the details of the donor to be furnished to the donee. ... Be that as it may, following the directions of Hon'ble Supreme Court, we contacted our donors and we were able to collect the details from them," the DMK said. The <keyword id="19910625" type="General" weightage="20" keywordseo="telugu-desam-party" source="keywords">Telugu Desam Party</keyword> mentioned "not readily available" in the column for listing out the names of donors. The <keyword id="19968095" type="General" weightage="20" keywordseo="trinamool-congress" source="keywords">Trinamool Congress</keyword> said the electoral bonds were sent to the party office and were "dropped in the drop box". The party said some bonds were sent through messengers from various persons who wished to support the party, many of whom prefer to remain anonymous. The NCP, then led by Sharad Pawar, expressed inability to furnish details of donors against each bond as the party had not maintained details or issued any receipts. The letter by the NCP to the Election Commission said several of its office-bearers were busy with the election campaign. "Wherever possible we have indicated the name of the person through whom bonds were received by the party," the NCP said. The Goa unit of the Congress reached out to its donor V M Salgaonkar and Brothers to get details of the electoral bonds worth Rs 30 lakh given by them to the party. The RJD said the details about donations worth Rs 1.5 crore were not readily available. The Nitish Kumar-led Janata Dal (United) has told the Election Commission that someone delivered to its office an envelope with electoral bonds worth Rs 10 crore in 2019, which were redeemed by the party.

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Electoral bonds: What are they? What does the newly-released data reveal? Would it make an impact?

Ankush Banerjee

SBI warns customers to beware of WhatsApp calls and scam messages

Prabhjote Gill

Electoral bonds dropped at office, received by post, say political parties

PTI