EC set to review donations via electoral bonds

NEW DELHI: The Election Commission is all set to review contributions received by political parties through electoral bonds, how the bond income has impacted finances of these parties and if the commission’s transparency norms were met.

Over the next few days, the poll body will analyse contribution reports and annual audited accounts of political parties for 2017-18, due to be in by October 31.

“The EC will assess the bonds scheme with regard to four concerns: the level of opacity (of funding source), the use of shell companies to route funds to political parties, scope for political funding via dying/loss-making companies and misusing anonymity offered by bonds to illegally tap party funds from foreign sources,” a top EC functionary said.

The first tranche of electoral bonds sale was from March 1-10 this year during which Rs 222 crore worth of bonds were issued by designated banks.

Any contribution received by parties through bonds should reflect in their annual audited accounts for 2017-18.

Sources in the commission said the poll panel would soon examine contribution reports and audited accounts of all parties to ascertain whether income through bonds was declared. The poll watchdog is contemplating writing to the law ministry in the next few days, sharing its assessment on electoral bonds and making suggestions for review of the scheme, if necessary.

The deadline for parties to file their contribution reports for the last financial year has already passed, and October 31 is the last date for these parties to file their audited accounts