GUWAHATI: In a scathing critique, Gaurav Gogoi, Lok Sabha MP from Assam and deputy leader of the grand-old party in the lower house, lambasted the electoral bond scheme, branding it as “legalized extortion and formalized kickbacks”.
Drawing parallels to the controversial demonetization policy, Assam Congress MP Gaurav Gogoi has attributed the creation of this scheme to the office of Prime Minister Narendra Modi.
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Gogoi’s remarks suggest a deep-seated scepticism towards the now-scrapped electoral bond scheme, which allowed anonymous donations to political parties through designated banks.
He alleged that the scheme served as a conduit for funnelling illicit funds into political coffers under the guise of transparency.
Furthermore, the Congress MP from Assam speculated that Prime Minister Narendra Modi might have influential corporate allies, who advised the government on the implementation of the electoral bond scheme.
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He implies that these advisers may have ulterior motives, potentially prioritizing corporate interests over the welfare of the nation.
Moreover, Gogoi raised concerns about the reluctance of senior bureaucrats to voice dissent against the electoral bond scheme.
He suggested that fear may be stifling honest discourse within government circles, leading to a lack of transparency and accountability.
In Gogoi’s view, the proliferation of such policies risks pushing India towards an authoritarian trajectory, akin to regimes found in certain Asian countries.
He warned of the erosion of democratic principles and the consolidation of power in the hands of a select few if such practices are left unchecked.
Gogoi’s criticisms underscore the ongoing debate surrounding electoral financing and the need for robust safeguards to ensure the integrity of India’s electoral process.
“Electoral bonds is nothing but legalised extortion and formalised kickbacks. Like demonetization this scheme has been designed by the office of PM Modi,” Assam Congress MP Gaurav Gogoi said.
The Assam Congress MP added: “PM Modi probably has a major corporate ally who is giving bad advice to the Union Government. The senior bureaucrats are too scared to speak their mind. The result is that India is on its path to becoming an Asian autocracy.”
Electoral bonds: BJP redeemed Rs 1771.57 crore during 2019 Lok Sabha elections
It may be mentioned here that In the last five years, political parties encashed electoral bonds worth Rs 12,769 crore, with the ruling BJP securing almost half of this amount, and a significant portion of it coming during the 2019 Lok Sabha elections.
Notably, the BJP redeemed electoral bonds worth Rs 202 crore in January this year, just ahead of the crucial 2024 Lok Sabha elections.
Data on electoral bonds released by the Election Commission of India on March 14 revealed that the BJP encashed the highest amount of EBs, totalling Rs 6060.52 crore.
The data also showed that the party redeemed the most during the 2019 Lok Sabha elections and the November 2023 elections in Madhya Pradesh, Rajasthan, Chhattisgarh and Telangana.
During the period from April 12, 2019, to January 24, 2024, one-third of the total amount redeemed by the BJP was in April and May 2019, with Rs 1056.86 crore in April 2019 and Rs 714.71 crore in May 2019.
The redemption increased during the latest assembly elections in November 2023, amounting to Rs 702 crore, up from Rs 359.05 crore in October.
The BJP continuously redeemed EBs throughout the period, totalling 8633 bonds.
There were only three instances when the redemption fell to single digits: February 2020 (Rs 3 crore), January 2021 (Rs 1.50 crore), and December 2023 (Rs 1.30 crore).
However, redemptions spiked in January 2022 (Rs 662.20 crore) during the assembly elections in Uttar Pradesh, Uttarakhand, Punjab, Manipur and Goa, and again in November 2022 during the Gujarat and Himachal Pradesh assembly polls.
The Congress, receiving the third-highest amount after the BJP and Trinamool Congress, redeemed a total of Rs 1421.87 crore in 3146 bonds from April 12, 2019, to January 22, 2024.
Interestingly, the party redeemed over three times as much in the run-up to the Chhattisgarh, Madhya Pradesh, Rajasthan, Telangana and Mizoram elections in October 2023 (Rs 401.91 crore) compared to the 2019 Lok Sabha elections (Rs 118.56 crore in April 2019).
In the most recent tranche, in January this year, the Congress redeemed Rs 35.9 crore, contrasting with the BJP’s Rs 202 crore during the same period.