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An analysis by the Association for Democratic Reforms (ADR) states Electoral bonds worth over Rs 6,000 crore sold so far

According to an analysis by the Association for Democratic Reforms (ADR) states a total of 12,313 electoral bonds which is worth Rs 6128.72 crore were sold since its inception of the scheme. Out of these, 12,173 bonds, worth Rs 6108.47 crore, were redeemed by political parties within the validity period. According to an RTI query which was filed by ADR, the highest sale of bonds was in Mumbai with 2,899 bonds worth Rs 1,879.96 crore (30.67%), followed by 3,478 bonds worth Rs 1,440.337 crore (23.50%) in Kolkata and 1,630 bonds worth Rs 918.58 crore (15%) in New Delhi.

The data also reveals that 12,173 bonds worth Rs 6,108.47 crore were redeemed during the 12 phases and 59.20% of the total value of electoral bonds were redeemed in just two months i.e, March (phase VIII) and April 2019 (phase IX). According to ADR, the highest amount of bonds i.e, 4,607 bonds worth Rs 2,251.32 crore (36.86%), were redeemed during phase IX in April ‘19, followed by 2,738 bonds worth Rs 1,364.69 crore (22.34%) were encashed during phase VIII in March ‘19 and 1,153 bonds worth Rs 819.26 cr (13.41%) encashed in May ‘19.

Electoral Bonds:

  • An electoral bond is similar to a promissory note that can be bought by any Indian citizen or a company that is incorporated in India from select branches of State Bank of India (SBI).
  • Later the citizen or corporate can donate the same to any single political party of his or her choice.
  • The bonds are similar to the banknotes which are payable to the bearer on demand, and they are interest-free.
  • These can be purchased digitally or through the cheque.

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