PM Modi Reacts On Electoral Bond Verdict: 'Before 2014, There Was No...'

PM Modi On Electoral Bonds: In a recent interview, Prime Minister Narendra Modi publicly reacted to the controversy around the now-scrapped electoral bonds scheme for the first time, saying that it was only because of the introduction of the contentious instrument of political donations by his government that the source of fundings can now be traced.

"People who are protesting against the electoral bonds will soon regret it. Before 2014, there was no trail of funds given to political parties during elections. I introduced the electoral bonds. Thanks to the electoral bonds, we can now trace the source of funding. Nothing is perfect, imperfections can be addressed," PM Modi said during an interview with Thanthi TV.

The remarks came just weeks ahead of the upcoming Lok Sabha election. On February 15, a five-judge Supreme Court bench headed by Chief Justice of India (CJI) DY Chandrachud struck down the electoral bonds scheme as unconstitutional in a unanimous verdict. It had asked SBI to furnish details about each electoral bond encashed by political parties.

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In compliance with the SC's directions, the Election Commission (EC) published data, provided by SBI, pertaining to purchase and encashment of electoral bonds in two stages. By March 21, the EC uploaded, on its website, two sets of data -- 552 pages of details of redemption by political parties and 386 pages of details of donors -- covering electoral bonds purchased and redeemed from April 2019 until January 2024. 

As per data provided by the SBI, electoral bonds worth the highest amount, at ₹1,368 crore, were probably purchased by Future Gaming and Hotel Services, with Megha Engineering and Infrastructure Ltd trailing at a close second with purchase of bonds worth ₹966 crore.

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The country's ruling BJP got 84% of electoral bonds purchased by the top 10 individual donors, Hindustan Times said in a report. The TMC emerged as the second biggest beneficiary of the electoral bond scheme with receipt of political donations worth ₹16.2 crore or about 9% of the money. 

The electoral bond scheme was introduced in 2018 by the BJP-led central government. The Opposition hailed the SC's decision to strike down the scheme, terming the instrument of political donations "India’s biggest scam".

(With inputs from ANI)