Election bonds worth 3,429.56 crore rupees were redeemed by political parties during the fiscal year 2019-2020, and 87.29% of that amount was received by the Bharatiya Janata Party, on Congress, the Trinamool Congress and the Nationalist Congress Party, the non-governmental organization Association for Democratic Reforms said Friday.
Election bonds are monetary instruments that citizens or business groups can buy from a bank and give to a political party, which is then free to buy them back for cash. Former Union finance minister Arun Jaitley announced the program in his budget speech in 2017, saying the government wanted to clean up political financing and make it a transparent process.
However, the whole process is anonymous since no one is required to declare their purchase of these bonds and political parties do not need to declare the source of the money. The money is unlikely to be “black” since it must be remitted by check, the government reasoned.
In its report, the Association for Democratic Reforms said the seven national parties that received the bonds that year, which also include the Bahujan Samaj Party, the Communist Party of India and the Communist Party of India (Marxist), said total income of Rs. 4,758.20 crore.
Of this amount, the BJP reported total income of Rs 3,623.28 crore in 2019-2020, but only spent Rs 1,651.022 crore, or 45.57%, according to the report. The revenues of the BJP represent 76.15% of the total of the seven parties.
The total income of Congress was Rs 682.21 crore and he spent Rs Rs 998.15 crore. The party’s total expenses exceeded its revenues by 46.31%. Trinamool Congress declared a total income of Rs 143.67 crore and spent 74.67%, or Rs 107.27 crore.
The Nationalist Congress Party Rs 85.58 crore and spent Rs 109.18 crore. Total expenses exceeded party income by 27.58%.
The Bahujan Samaj party also spent more than it earned. The party’s total income was Rs 58,256 crore and he spent Rs 95,054 crore, a surplus of 63.17%.
Total BJP income increased by Rs 1,213.20 crore, or 50.34%, in 2019-’20 compared to 2018-’19. Total congressional income, however, fell 25.69% from Rs 918.03 crore in 2018-’19 to Rs 235.82 crore in 2019-’20.
The BJP received 94.60% of its total income, or Rs 3,427.77, from voluntary contributions, according to the report. The main source of Congress revenue, Rs 469.38 crore, came from grants, donations and contributions.
The main source of income for political parties was electoral obligations. BJP, Congress, Trinamool Congress and Nationalist Congress Party Rs 2,993.82, or 62.92% of their total revenues, from election bonds.
The BJP received election bonds worth Rs 2,555 crore, Rs 317.86 crore from Congress, Rs 100.46 crore from Trinamool Congress and Rs 20.50 crore. of the Nationalist Congress Party.
The maximum BJP expenditure of Rs 1,352.92 crore was spent on election / general propaganda, followed by administrative fees (Rs 161.54 crore). Congress spent most of its income – Rs 864.03 crore – on election expenses, followed by Rs 99.39 crore on administrative and general expenses.
The National Congress Party spent Rs 84.12 crore, the Trinamool Congress Rs 74.56 crore and the Bahujan Samaj Party Rs 51.75 crore on election expenses.
The IPC (M) spent 37.94 crore rupees on personnel costs and the IPC Rs 2.95 crore on administrative and overhead costs.