Electoral bonds were introduced by the Ministry of Finance, Government of India, in the year 2018. These, as per the Ministry’s Department of Economic Affair, were “bearer instrument[s] in the nature of a promissory note” on which no interest was payable. A bond could be bought singly or jointly by a citizen of India or a company, firm or association incorporated or established in the county. It could only be used to donate to political parties recognised under the Representation of the People Act, 1951, which had secured at least one per cent of the votes polled in the last general elections to the Lok Sabha or a Legislative Assembly.

The State Bank of India (SBI) was the body authorised for the issue and encashing of electoral bonds. These bonds – issued in denominations of Rs. 1,000, Rs. 10,000, Rs. 1 lakh, Rs. 10 lakhs and Rs. 1 crore – did not carry the name of the buyer. A bond was valid for 15 calendar days from the date of its issue. Once deposited, money was to be credited into the account of a political party on the same day.

On February 15, 2024, the electoral bond scheme was deemed unconstitutional by the Supreme Court of India, after which the sale of such bonds stopped with immediate effect. The SBI was directed to disclose information on the purchase and encashment of each electoral bond dated April 12, 2019, and after. The apex court also directed the Election Commission of India to collate and publish this data submitted by the SBI.

This 763-page document, published on March 14, 2024, presents data on the purchase and encashment of electoral bonds in two parts. “Details of Electoral Bonds submitted by SBI Part- I” contains information of those who bought electoral bonds. “Details of Electoral Bonds submitted by SBI Part- II” presents information on the encashment of these bonds by political parties.

The data pertains to bonds purchased between April 12, 2019 and January 11, 2024. However, the first phase for the issue of electoral bonds, as per a press release by the Press Information Bureau of India, began much earlier on March 1, 2018.

This document states that the top five donors to political parties through electoral bonds were: Future Gaming And Hotel Services (PR and Private Limited) with Rs. 1,368 crores; Megha Engineering And Infrastructures Limited with Rs. 966 crores; Qwiks Supply Chain Private Limited with Rs. 410 crores; Vedanta Rs. 399.6 crore; Rs. Haldia Energy Limited with 377 crores.

The biggest recipient of donations through electoral bonds was Bhartiya Janta Party which received Rs. 6,060 crores. All India Trinamool Congress was a distant second with Rs. 1,609 crores followed by Indian National Congress which received Rs. 1,422 crores.