Future Gaming, run by Santiago Martin, was among the first debates following the disclosure by DMK that electoral bonds worth more than 77% of the total were received in 2017. Such disclosure, however, has sparked agitation regarding the pollution of corruption while funding political parties.
The Election Commission’s official presentation of information covering recognized and non-recognized parties has illuminated the situation of electoral bonds. While agencies have chosen not to reveal their donors’ names, one has to remember that the tranche of Rs.859 crore worth of bonds bought up by Future Gaming includes the beneficiary of the unmanifested funds yet to be revealed.
The Bharatiya Janata Party (BJP) has emerged as a clear leader in funds collection through electoral bonds, with an astonishing amount of Rs 6,986.5 crore being released since the scheme’s launch in 2018. TMC is in second place and accounts for as much as Rs 1,397 crore, while Congress and Bharat Rastra Samithi stand third and fourth, receiving as much as Rs 1,334 crore and Rs 1,322 crore, respectively.
A single party, DMK, is known for being one of the few parties that have disclosed the identities of the donors. It got a large amount of Funds of 656.5 crore through the Election Bonds. During the next Election Gaming, the largest entity to invest in these bonds stands out by committing Rs 1,368 crore, which is nearly 37%, which is highly benefiting the DMK party.
The main issue raised in approaching electoral bonds is the insufficient transparency around them in the eyes of opposition parties. They claim that the present approach ensures that legalized corruption still rules, as the donors’ identities are out of reach. Unlike this, the BJP has asked questions about whether defenestrating the bonds could lead to the spread of black money.
Due to growing demands and a Supreme Court order, the Election Commission, for the first time, made the disclosures of political parties’ responses in the public domain. Nevertheless, the undisclosed one-time donors to the major parties, including the BJP, Congress, Trinamool Congress, and Aam Aadmi Party, keep the undercurrent of corruption in our electoral system alive.
But the key to all of this is still electoral bond transparency, as the issue keeps surfacing. The opponents of the BJP criticize the existing scheme of political party alliance as an insufficient measure of making the system accountable and transparent and suggest immediate comprehensive reforming. However, the BJP argues that the current system remains the only source of sustaining political activities.
