Contemporary Delhi: In the aftermath of the Karnataka assembly elections in 2018, the Ministry of Finance reportedly broke rules and allowed expired electoral bonds value Rs 10 crore to be donated to an unidentified political occasion.
In step with a document in HuffPost India – share of a series reported by Nitin Sethi according to paperwork accessed by perfect-looking out for to data activist Commodore Lokesh Batra (retired) – the political occasion/parties keeping the bonds asked the Direct Bank of India (SBI) to bag expired bonds. The SBI wrote to the finance ministry announcing that on Mat 23, 2018, some “EB holders” with bonds value Rs 20 crore which had lapsed. Half of these electoral bonds had been equipped on Would possibly perhaps well well also 3, 2018 and the replacement half of on Would possibly perhaps well well also 5, 2018.
These bonds hold been equipped all over an “additional” window for the sale of electoral bonds which the Top Minister’s Rep 22 situation of enterprise had asked for – even supposing no such additional window is allowed for within the regulations notified by the Centre.
In step with the authorities’s regulations on electoral bonds, they want to be deposited with the bank interior 15 calendar days of being issued. If a bond lapses, the money is to be donated to the Top Minister’s Nationwide relief Fund. The bond holders in quiz – handbook(s) of a political occasion/parties – had introduced lapsed bonds to the SBI to deposit.
In step with HuffPost India, the bond holders had asked the bank to bag the lapsed bonds because they had been deposited interior 15 working days – though the rules command calendar days. The head of the Contemporary Delhi department (where the representatives had taken the bonds) then wrote to on behalf of SBI chairman Rajnish Kumar to the finance ministry, asking if these electoral bonds wants to be accepted.
The the same day, an professional from the ministry answered to the bank, Sethi reviews. Vijay Kumar, deputy director within the Division of Financial Affairs, clarified that the rules said calendar days and now now not working days, and so the bonds had lapsed. But he changed into willing to procure an exception.
“As some amount of lack of total readability might perhaps well moreover merely hold been witnessed within the bonds arena in final home windows, SBI might perhaps well moreover merely grant credit to such bond holders of bond bought earlier than tenth Would possibly perhaps well well also, 2018 if the bonds hold been deposited in 15 working days. No such accommodation would perhaps be on hand in future,” Kumar wrote to the SBI.
The letter changed into licensed by S.C. Garg, secretary within the Division of Financial Affairs.
This meant that bonds equipped on Would possibly perhaps well well also 5, 2018 might perhaps well be deposited, while these equipped on Would possibly perhaps well well also 3, 2018 went to the Top Minister’s Nationwide Aid Fund.
A assortment of reviews within the previous couple of days hold introduced into quiz the ruling occasion’s use of the electoral bonds arrangement, which has been broadly criticised for making political funding more opaque. Each and every the Reserve Bank of India and the Election Commission had asked the Modi authorities now now not to struggle through with the arrangement.