According to Subhash Garg, the revelation of electoral bond data by the State Bank of India (SBI) has shattered a fundamental aspect of trust. Garg, the former Finance Secretary, highlighted that the bank's recording of unique bond numbers goes against the intended anonymity between bond buyers and the political parties they support, a cornerstone feature of the now-defunct scheme.
In an interview with India Today, Garg elaborated on the meticulous design of electoral bonds, which included an invisible alphanumeric code, meant solely for security purposes and not to be known even to the SBI itself. However, he expressed concern that the SBI exceeded its mandate by not only uncovering but also meticulously recording these codes for each bond issued and deposited, thus compromising the anonymity of donors and the political parties they supported.
The Supreme Court, on February 15, scrapped the electoral bonds scheme and instructed the SBI to disclose data regarding the denomination, date, and amount of each electoral bond by March 6. Despite the court's directive, the SBI sought an extension until June 30, citing the complexity of a matching exercise. The court rejected this plea, mandating the SBI to disclose the alphanumeric codes by March 21. Subsequently, the Election Commission published the data on its website, revealing the connection between bond buyers and political parties.
Garg emphasized that the fallout from the SBI's actions has rendered the protection of donors' anonymity meaningless, despite their significant contributions trusting in the limited transparency of the bonds. However, a critical piece of information regarding the alphanumeric numbers of electoral bonds purchased and deposited between March 2018 and April 11, 2019, remains undisclosed.
Garg suggested that the Election Commission intervene to ensure complete transparency by disclosing the alphanumeric codes of bonds issued before April 12, 2019, amounting to approximately Rs 16,200 crore. This breach raises concerns about the integrity of electoral financing and the responsibility of financial institutions to uphold democratic processes.
The focus now is on restoring trust and accountability to uphold the integrity of India's electoral system amidst these revelations.
