Nirmala Sitharaman’s Husband says Electoral Bond Scandal is World’s Biggest scam

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Parakala Prabhakar, Nirmala Sitharaman’s Husband says Electoral Bond Scandal is World’s Biggest scam in an interview. The same has been tweeted by Congress Kerala

Pic Credit: Reporter TV

Parakala Prabhakar, a renowned economist and the husband of Union Finance Minister Nirmala Sitharaman, has raised alarm bells about the repercussions of the controversial electoral bond system on the ruling Bharatiya Janata Party (BJP). In an interview with Reporter TV, Prabhakar emphasized that the issue of electoral bonds is gaining momentum and could have severe consequences for the government. He labeled it not just India’s but the world’s most significant scam, predicting that the electorate would severely punish the government as a result.

Data Reveals BJP’s Dominance

Data released by the Election Commission of India (ECI) sheds light on the extent of the BJP’s reliance on electoral bonds. Between April 12, 2019, and February 15, 2024, the BJP received a staggering Rs 6,986.5 crore through electoral bonds, making it the biggest beneficiary. Trailing behind are West Bengal’s ruling party Trinamool Congress with Rs 1,397 crore, the Congress with Rs 1,334 crore, and the Bharat Rashtra Samithi (BRS) with Rs 1,322 crore.

Supreme Court’s Intervention

In February, the Supreme Court intervened, striking down the Electoral Bond Scheme initiated by the Central Government. This scheme allowed for anonymous funding to political parties, raising concerns about transparency and accountability in political financing. The court’s ruling mandated the immediate cessation of electoral bond issuance by the State Bank of India (SBI).

Allegations of Corporate Influence

Civil society activists have highlighted troubling trends regarding electoral bond donations. It has been revealed that 41 companies under investigation by the Central Bureau of Investigation (CBI), Enforcement Directorate (ED), and Income Tax Department donated a substantial sum of Rs 2,471 crore to the BJP through electoral bonds. Shockingly, Rs 1,698 crore of this amount was donated after raids by these agencies. Senior advocate Prashant Bhushan highlighted specific instances where companies donated significant sums shortly after facing scrutiny from investigative agencies.

Opposition’s Criticism

Opposition parties have vehemently criticized the electoral bond system, labeling it as legalized corruption. They argue that the BJP’s disproportionate benefit from electoral bonds raises concerns about quid pro quo arrangements with corporate entities. Scrapping the electoral bond system has been proposed as a measure to curb the influence of black money in politics.

The Road Ahead

The revelations surrounding electoral bonds have sparked a fierce debate about the integrity of India’s electoral process. With the Supreme Court’s intervention and mounting public scrutiny, the future of electoral financing remains uncertain. The upcoming Lok Sabha elections will serve as a litmus test, determining the electorate’s response to these allegations of corruption and their impact on the political landscape.

Conclusion

The issue of electoral bonds has thrust itself into the forefront of Indian politics, drawing attention to the nexus between corporate influence and political funding. As the debate rages on, it is imperative for stakeholders to prioritize transparency and accountability in electoral financing to uphold the principles of democracy. Only through concerted efforts to reform the electoral system can India safeguard the integrity of its democratic institutions.

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