BJP got nearly Rs 1300 crore through electoral bonds in 2022-23, over 7 times what Congress received

In the fiscal year 2022-23, the Bharatiya Janata Party (BJP) garnered a staggering Rs 1300 crore through electoral bonds, dwarfing the Congress’ intake from the same avenue.

This revelation emerged from the BJP’s annual audited report, submitted to the Election Commission, which unveiled the party’s total contributions amounting to Rs 2120 crore, with a significant 61 per cent sourced from electoral bonds.

Comparatively, the Congress party’s electoral bond earnings dwindled to Rs 171 crore in the same period, a stark drop from the preceding fiscal year’s Rs 236 crore. The BJP’s dominance in this financial arena underscores a widening gap in political funding between India’s principal political players.

Electoral bonds are financial instruments introduced in India in 2018 as a means of making political funding more transparent. These bonds are essentially a mechanism for individuals and corporations to donate money to political parties.

Here’s how they work:

1. Issuance: Electoral bonds are issued by notified banks for specified denominations.

2. Purchase and Donation: Any citizen or company can purchase these bonds from designated branches of selected banks. The identity of the donor is kept anonymous.

3. Redemption: These bonds can be redeemed by recognised political parties within a specified timeframe. They can encash these bonds through their designated bank accounts.