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Home NEWS Electoral bonds: Govt commission to SBI amounts to Rs 4.35 crore

Electoral bonds: Govt commission to SBI amounts to Rs 4.35 crore

The authorities has shelled out Rs 4.10 crore to the State Bank of India (SBI) as commission for the sale of electoral bonds over 13 phases to donors of political events. This is as well as to the Rs 1.86 crore spent on printing these bonds.

In a reply to an RTI software filed by Lokesh Gupta, the SBI mentioned the whole commission payable by the federal government to the financial institution, for 15 phases of bond gross sales, amounts to Rs 4.35 crore. While Rs 4.10 crore of this has been paid, “Commission for 14th and 15th phases… has not been paid till date.”

A complete of 6,64,250 electoral bonds had been printed until date from the time the scheme was launched in 2018, the financial institution mentioned. The whole donations via electoral bonds have touched Rs 6,535 crore.

According to the SBI, no commission has been paid by the federal government in the direction of printing of the bonds, however printing fees amounting to Rs 1,86,05,720, inclusive of the GST, have been paid until date.

The SBI bought electoral bonds value Rs 42.10 crore within the fifteenth section of sale from January 1 to 10, 2021. Bonds value Rs 282 crore have been bought by it in October forward of the Bihar Assembly elections.

Donors, primarily company homes and industrialists, gave Rs 1,056.73 crore in 2018, Rs 5,071.99 crore in 2019 and Rs 363.96 crore in 2020, the SBI had mentioned in a earlier RTI reply to The Indian Express.

Last week, the Supreme Court agreed to hear on March 24 a plea searching for a path to the Central authorities and others to not open any additional window on the market of electoral bonds through the pendency of a PIL filed by an NGO pertaining to funding of political events and alleged lack of transparency.

The NGO, Association for Democratic Reforms, claimed that any additional sale of bonds earlier than the approaching Assembly elections, together with in West Bengal, Kerala and Assam, would additional “increase illegal and illicit funding of political parties through shell companies”.

Explained

Anonymous donations

Electoral bonds are bought anonymously by donors, and are legitimate for 15 days from the date of subject. A debt instrument, these could be purchased by donors from a financial institution, and the political occasion can then encash the bonds. These could be redeemed solely by an eligible political occasion by depositing the identical in its designated checking account maintained with an authorised financial institution.

The bonds are issued by the SBI in denominations of Rs 1,000, Rs 10,000, Rs 1 lakh, Rs 10 lakh and Rs 1 crore.

Political events registered beneath Section 29A of the Representation of the People Act, 1951, which have secured not lower than 1% of the votes within the final normal election to an Assembly or Parliament, are eligible to open present accounts for redemption of electoral bonds.

“The information furnished by the purchaser shall be treated confidential by State Bank of India and shall not be disclosed to any authority for any purposes, except when demanded by a competent court or upon registration of criminal case by any law enforcement agency,” working pointers by the SBI state.

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