#minister arun jaitley

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Arun Jaitley.

Arun Jaitley (28 December 1952 – 24 August 2019) was an Indian politician and attorney. A member of the Bharatiya Janata Party, Jaitley served as the Minister of Finance and Corporate Affairs of the Government of India from 2014 to 2019. Jaitley previously held the cabinet portfolios of Finance, Defence, Corporate Affairs, Commerce and Industry, and Law and Justice in the Vajpayee government and Narendra Modi government.

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[news365timesindia]

[ad_1] Paromita Das GG News Bureau New Delhi, 28th Dec. A Reversal of Opinions: Raghuram Rajan, the former Governor of the Reserve Bank of India (RBI), has been a vocal critic of the Modi government during his tenure at the central bank. His frequent disagreements with the government, particularly over monetary policies and handling of the economy, earned him the tag of being a “darling of the opposition.” However, in a surprising turn of events, Rajan recently lauded the Modi administration for its effective management of Non-Performing Assets (NPAs), a key challenge for the Bharatiya banking system. This unexpected praise comes after years of sharp criticisms and is worthy of scrutiny, considering Rajan’s pivotal role in the banking reforms during his tenure at RBI. Understanding the NPA Crisis: The Historical Context: To comprehend the significance of Rajan’s recent remarks, it is essential to revisit the context of Bharat’s NPA crisis. NPAs are loans that have gone unpaid for an extended period, and their rise in the Bharatiya banking system has been a long-standing issue, primarily beginning after the global financial crisis of 2008. Rajan noted that projects funded by banks before the crisis started facing significant setbacks post-2008 due to factors such as corruption, delays in permits, and mismanagement. These factors caused a steep rise in NPAs, especially in public sector banks. Rajan’s 2015 Asset Quality Review (AQR) was a watershed moment in addressing this crisis. The AQR helped to clean up the balance sheets of banks by ensuring that bad loans were promptly identified, with the necessary provisioning made. According to Rajan, this was crucial for alleviating the growing financial insecurity surrounding public sector banks. He recalled how he took his proposal for an AQR and the end of the moratorium on bad loans to Arun Jaitley, the then Finance Minister, who approved it without hesitation. This marked a turning point in the fight against NPAs. The Modi Government’s Response, A Shift in NPA Management: Rajan’s praise for the Modi government’s handling of NPAs aligns with recent updates from Finance Minister Nirmala Sitharaman. According to her, between 2014 and 2023, the government’s initiatives helped recover more than ₹10 lakh crores from bad loans. The gross NPA ratio fell to a 12-year low of 2.8 percent by the end of the fiscal year 2024. These figures are a direct reflection of the government’s ongoing efforts to manage bad loans and prevent further escalation of the NPA crisis. Rajan acknowledges that the implementation of AQR was a pivotal step. However, the Modi government’s broader policy initiatives played a crucial role in reducing NPAs over time. One of the most significant steps was the introduction of the Insolvency and Bankruptcy Code (IBC) in 2016. This law gave authorities the power to take control of defaulting companies from their promoters, thereby protecting the interests of creditors. Additionally, wilful defaulters were barred from participating in the resolution process, ensuring that there would be greater accountability. Additional Measures to Tackle NPAs: Alongside the IBC, the government took several other steps to address the NPA issue. One such measure was the amendment to the Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest Act (SARFAESI Act) of 2002, allowing banks to auction the assets of defaulters. This was complemented by the establishment of the National Asset Reconstruction Company Limited (NARCL) to resolve stressed assets over ₹500 crore. The government also provided a ₹30,600 crore guarantee to back NARCL’s receipts, further enhancing the efficiency of the recovery process. Public sector banks were also restructured through the establishment of Stressed Asset Management Verticals, such as the one in the State Bank of India (SBI), to manage and recover loans more effectively. These verticals allowed banks to monitor loans more closely, ensuring that any potential defaults were caught early.

Moreover, the RBI implemented a system of Early Warning Signals (EWS) to trigger timely remedial actions for loans at risk of default. A Positive Outlook: Rajan’s Acknowledgment: Raghuram Rajan’s acknowledgment of the Modi government’s success in reducing NPAs is notable, especially considering his earlier critiques. He conceded that the government’s approach, including the AQR, the IBC, and other reforms, helped set the stage for the reduction in bad loans. As he put it, “Eventually the situation is back on track,” signifying a recovery after years of financial distress. Rajan’s perspective carries weight given his experience and expertise in managing the Bharatiya economy, and his remarks add credibility to the government’s claims of progress. Conclusion: The Long Road Ahead: While the reduction in NPAs under the Modi government is a significant achievement, experts agree that the work is far from over. The underlying issues that contribute to the creation of bad loans—such as poor project planning, delays in clearances, and systemic corruption—continue to be challenges for Bharat’s banking sector. Therefore, while Rajan’s praise is deserved, it also highlights the complexity of tackling NPAs and the need for continued vigilance. The government’s strategy of combining regulatory reforms, legal frameworks, and institutional restructuring has certainly yielded results. Yet, with Bharat’s banking sector still grappling with certain vulnerabilities, it is essential to keep refining these measures. Raghuram Rajan’s shift in stance reflects a recognition of these efforts, providing a balanced view of the Modi government’s handling of one of the most significant financial challenges in Bharat’s economic history.   The post Raghuram Rajan’s Remark on Modi Government’s NPA Management: A Shift in Perspective appeared first on Global Governance News- Asia's First Bilingual News portal for Global News and Updates. [ad_2] Source link

[news365times]

[ad_1] Paromita Das GG News Bureau New Delhi, 28th Dec. A Reversal of Opinions: Raghuram Rajan, the former Governor of the Reserve Bank of India (RBI), has been a vocal critic of the Modi government during his tenure at the central bank. His frequent disagreements with the government, particularly over monetary policies and handling of the economy, earned him the tag of being a “darling of the opposition.” However, in a surprising turn of events, Rajan recently lauded the Modi administration for its effective management of Non-Performing Assets (NPAs), a key challenge for the Bharatiya banking system. This unexpected praise comes after years of sharp criticisms and is worthy of scrutiny, considering Rajan’s pivotal role in the banking reforms during his tenure at RBI. Understanding the NPA Crisis: The Historical Context: To comprehend the significance of Rajan’s recent remarks, it is essential to revisit the context of Bharat’s NPA crisis. NPAs are loans that have gone unpaid for an extended period, and their rise in the Bharatiya banking system has been a long-standing issue, primarily beginning after the global financial crisis of 2008. Rajan noted that projects funded by banks before the crisis started facing significant setbacks post-2008 due to factors such as corruption, delays in permits, and mismanagement. These factors caused a steep rise in NPAs, especially in public sector banks. Rajan’s 2015 Asset Quality Review (AQR) was a watershed moment in addressing this crisis. The AQR helped to clean up the balance sheets of banks by ensuring that bad loans were promptly identified, with the necessary provisioning made. According to Rajan, this was crucial for alleviating the growing financial insecurity surrounding public sector banks. He recalled how he took his proposal for an AQR and the end of the moratorium on bad loans to Arun Jaitley, the then Finance Minister, who approved it without hesitation. This marked a turning point in the fight against NPAs. The Modi Government’s Response, A Shift in NPA Management: Rajan’s praise for the Modi government’s handling of NPAs aligns with recent updates from Finance Minister Nirmala Sitharaman. According to her, between 2014 and 2023, the government’s initiatives helped recover more than ₹10 lakh crores from bad loans. The gross NPA ratio fell to a 12-year low of 2.8 percent by the end of the fiscal year 2024. These figures are a direct reflection of the government’s ongoing efforts to manage bad loans and prevent further escalation of the NPA crisis. Rajan acknowledges that the implementation of AQR was a pivotal step. However, the Modi government’s broader policy initiatives played a crucial role in reducing NPAs over time. One of the most significant steps was the introduction of the Insolvency and Bankruptcy Code (IBC) in 2016. This law gave authorities the power to take control of defaulting companies from their promoters, thereby protecting the interests of creditors. Additionally, wilful defaulters were barred from participating in the resolution process, ensuring that there would be greater accountability. Additional Measures to Tackle NPAs: Alongside the IBC, the government took several other steps to address the NPA issue. One such measure was the amendment to the Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest Act (SARFAESI Act) of 2002, allowing banks to auction the assets of defaulters. This was complemented by the establishment of the National Asset Reconstruction Company Limited (NARCL) to resolve stressed assets over ₹500 crore. The government also provided a ₹30,600 crore guarantee to back NARCL’s receipts, further enhancing the efficiency of the recovery process. Public sector banks were also restructured through the establishment of Stressed Asset Management Verticals, such as the one in the State Bank of India (SBI), to manage and recover loans more effectively. These verticals allowed banks to monitor loans more closely, ensuring that any potential defaults were caught early.

Moreover, the RBI implemented a system of Early Warning Signals (EWS) to trigger timely remedial actions for loans at risk of default. A Positive Outlook: Rajan’s Acknowledgment: Raghuram Rajan’s acknowledgment of the Modi government’s success in reducing NPAs is notable, especially considering his earlier critiques. He conceded that the government’s approach, including the AQR, the IBC, and other reforms, helped set the stage for the reduction in bad loans. As he put it, “Eventually the situation is back on track,” signifying a recovery after years of financial distress. Rajan’s perspective carries weight given his experience and expertise in managing the Bharatiya economy, and his remarks add credibility to the government’s claims of progress. Conclusion: The Long Road Ahead: While the reduction in NPAs under the Modi government is a significant achievement, experts agree that the work is far from over. The underlying issues that contribute to the creation of bad loans—such as poor project planning, delays in clearances, and systemic corruption—continue to be challenges for Bharat’s banking sector. Therefore, while Rajan’s praise is deserved, it also highlights the complexity of tackling NPAs and the need for continued vigilance. The government’s strategy of combining regulatory reforms, legal frameworks, and institutional restructuring has certainly yielded results. Yet, with Bharat’s banking sector still grappling with certain vulnerabilities, it is essential to keep refining these measures. Raghuram Rajan’s shift in stance reflects a recognition of these efforts, providing a balanced view of the Modi government’s handling of one of the most significant financial challenges in Bharat’s economic history.   The post Raghuram Rajan’s Remark on Modi Government’s NPA Management: A Shift in Perspective appeared first on Global Governance News- Asia's First Bilingual News portal for Global News and Updates. [ad_2] Source link

[sportsnewsofficial]

Rohan Jaitley re-elected as DDCA president; beats Kirti Azad in dominant fashion

Rohan Jaitley, son of former Union Minister late Arun Jaitley, has been re-elected as president of the Delhi District Cricket Association (DDCA) for a second consecutive term. Rohan Jaitley defeated former India cricketer and Trinamool Congress leader Kirti Azad in the election to continue into his second term. Arun Jaitley served as Delhi District Cricket Association president for 14 years.…

[kumard12]

Significant Achievements of India's Largest Manufacturing Initiative Make in India

Launched in 2014, the Make in India initiative has completed 10 years this year. This initiative has significantly contributed to making the nation self-reliant and independent, boosted the confidence of startups, won the faith of foreign investors, and welcomed foreign companies. In 2024, as we celebrate the decennial of the Make in India flagship programme, let's look back at this initiative and its success.

In this article, we will talk about some key achievements of the Make in India initiative. We will also discuss key figures, such as ex-IAS officers and DPIIT secretaries Amitabh Kant, Ramesh Abhishek, and Anurag Jain, who contributed to this initiative.

Key Achievements of the Make in India Initiative

Launch of First 'Made in India' Airbus 

One of the key achievements of the Make in India initiative is the upcoming launch of the first 'Made in India' Airbus H125 helicopter by 2026. This development is a result of the partnership between Airbus and Tata Advanced Systems Limited (TASL) under the flagship programmes of Make in India and Atamnirabhar Bharat. The development is expected to enhance helicopter manufacturing capabilities in India, support the growth of civil aviation, and identify the potential of the promising helicopter market in the country.

Sunny Guglani, the head of Airbus Helicopters in India and South Asia, has played a crucial role in articulating a vision for the Indian helicopter market. Apart from this, several IAS officers, and other notable government officers contributed to the project at different stages. 

Development of Industrial Corridors 

Another key achievement of Make in India is the development of industrial corridors that will connect all the major cities, easing the transportation of goods and services. Ramesh Abhishek, an ex-IAS officer and the DPIIT secretary from 2016 to 2019, Ex IAS officer and CEO NITI Aayog Amitabh Kant, and other notable IAS officers such as Guruprasad Mohapatra, Anurag Jain, Rajesh Kumar Singh has contributed significantly in Industrial corridors. 

Welcomed Huge Foreign Investment

The Make in India initiative has welcomed huge foreign investment, across various sectors, including manufacturing, defence, electronics, and automotive. By liberalising FDI (Foreign direct investment) norms and creating a more conducive business environment, the government has boosted investor confidence, leading to increased capital inflows from global companies.

Former finance minister Arun Jaitley, finance minister Nirmala Sitharaman, former Minister of Electronics and Information Technology Ravi Shankar Prasad, along with several government officials, subject matter experts, and notable IAS officers have played pivotal roles in liberating the FDI norms and attracting foreign investments. 

Shaktikanta Das, current RBI Governor and retired IAS officer in his monetary policy statement on December 8, 2023, mentioned that Net foreign direct investment (FDI), moderated to US$ 10.4 billion in April–October 2023 from US$ 20.8 billion in 2022. The statistics presented by an Ex-IAS officer and 25th RBI governor highlight the significance of Foreign investment. 

Significant Contributors in Make in India Initiative 

From government officials such as IAS officers Amitabh Kant, Ramesh Abhishek, and Anurag Jain to industrialists like Anand Mahindra, Mukesh Amabhi, ministers like Suresh Prabhu, Arun Jaitle, Nirmala Shitaraman have contributed highly in making the Make in India a success. 

IAS officer Amitabh Kant played a huge role in the initial stage of the Make in India initiative. Ramesh Abhishek, an IAS officer from the 1982 batch, has been appointed as successor to Amitabh Kant as the Secretary of the Department of Industrial Policy and Promotion (DIPP). Ramesh Abhishek's appointment underscores the government's commitment to advancing the "Make In India" initiative, which aims to enhance manufacturing and investment in the country. 

Succeeding Ramesh Abhishek, Guruprasad Mohapatra, an IAS officer has been appointed for the Make in India flagship initiative in the Department for Promotion of Industry and Internal Trade (DPIIT) aiming to prevent crony capitalism and ensure that the initiative is executed with integrity and diligence. 

Apart from this, several IAS officers and teams have been appointed for the Make in India initiative to ensure its success and continuous growth. 

Make in India Initiative - Is It a Success? 

Many IAS officers view "Make in India" as a crucial step towards enhancing domestic manufacturing and attracting foreign investment. They emphasise the initiative's role in boosting the Indian economy and creating jobs.

Considered the administrative arm of the All India Services of the Government of India, IAS officers also appreciate the initiative to integrate "Make in India" with other governmental programs like "Startup India" and "Digital India." The IAS officers believe that a cohesive approach can enhance the overall impact of these initiatives, fostering an ecosystem conducive to innovation and entrepreneurship.

Multiple IAS officers have also advocated the necessity for skill development and training required to achieve the goals of "Make in India." Overall the Make in India initiative has been appreciated across the country by the notable IAS officers. 

Discussing the environment that programmes such as Make in India, Start-up India and Digital India, one of the notable Ex-IAS officer Amitabh Kant once said; 

“If such an environment had existed during my time, I would have become a startup entrepreneur instead of appearing for the IAS exam’’

Amitabh Kant, ex- IAS officer

Today, the Make in India initiative has opened doors for a significant presence in India and welcomed several companies in different sectors including the Automotive Sector, Electronics System Design and Manufacturing, Renewable Energy, Pharmaceuticals, Food Processing, Roads and Highways etc. 

The Make in India initiative also contributed to making the country self-reliant in science and technology.

Different programs associated with Make in India such as the Production-Linked Incentive (PLI) scheme for white goods proved to be a game changer. Highlighting its success, IAS officer Anurag Jain says in an article published in Business Times, how the Production-Linked Incentive (PLI) scheme for white goods has received a tremendous response, which is considered a significant boost for the "Make in India" initiative. 

Conclusion 

The achievements of the Make in India scheme demonstrate its positive impact on various aspects of the Indian economy, from improving the business environment to boosting manufacturing growth and attracting investments. Numerous IAS officers including Ramesh Abhishek, Anurag Jain, Amitabh Kant, ministers, and entrepreneurs, as well as the startup ecosystem, have welcomed and supported the initiative, which has significantly contributed to its notable achievements. 

[livewellnews]

Budget 2024-25: Will it Reflect Economic Survey Cues or Follow Previous Budget Themes?

As Union Finance Minister Nirmala Sitharaman presents the Union Budget for 2024–25, all eyes are on how it will align with the themes highlighted in the Economic Survey 2023–24 or if it will echo the maiden budgets of Prime Minister Narendra Modi’s previous terms.

Economic Survey Insights

The Economic Survey 2023–24, released Monday, outlines significant challenges and key themes that are expected to shape India’s economic trajectory. The survey points to the need for:

Inflation Targeting: Revising the Reserve Bank of India’s framework to exclude food inflation.

Private Sector Investment: Encouraging private sector investment to sustain economic momentum.

Employment and Skills: Tackling unemployment and enhancing skill development.

MSME Growth: Easing regulatory burdens and improving access to finance for MSMEs.

Agricultural Reform: Aligning production with agro-climatic characteristics and investing in technology and infrastructure.

Green Transition: Managing India’s shift towards sustainable practices.

Reflecting on Past Budgets

In her sixth full budget and the first of Modi’s third term, Sitharaman may draw from the broad themes of previous budgets. In 2014, Finance Minister Arun Jaitley introduced numerous schemes to signal the government’s intent to fulfill electoral promises, including Digital India and Skill India. The 2019 budget, with a focus on fiscal prudence, included measures like raising FDI caps and increasing income tax for the super-rich.

Key Expectations for Budget 2024–25

Given the cues from the Economic Survey, here are some themes and action points to look out for:

Inflation Management: Addressing food price inflation through direct benefit transfers rather than monetary policy.

Investment Boost: Encouraging private sector investment to take over from public investment.

Job Creation: Emphasizing the private sector’s role in generating employment.

MSME Support: Reducing compliance burdens and enhancing financial access for MSMEs.

Agricultural Development: Promoting sustainable farming practices and investing in agri-tech and infrastructure.

Sustainable Growth: Ensuring India’s transition to a green economy.

Parliamentary Discussions and Strategies

The Budget session, expected to be contentious, includes extensive debates in both the Lok Sabha and Rajya Sabha. The INDIA bloc and other opposition parties are set to raise issues like the NEET-UG paper leak and the Agniveer scheme. Meanwhile, the Telangana Assembly’s Budget session will focus on crop loan waivers and unemployment.

Conclusion

As the Union Budget for 2024–25 is unveiled, it remains to be seen whether it will incorporate the themes from the Economic Survey or continue the trajectory set by previous budgets. With significant economic challenges and opportunities ahead, this budget will play a crucial role in shaping India’s economic future.

[graphaizesmm]

Electoral Bond Data Visualised: Transparency & Reports

In 2018, India introduced electoral bonds to enhance transparency in political funding. However, between March 2018 and March 2021, over ₹7,000 crores were funneled through these bonds, with the identities of donors and recipients largely hidden from public scrutiny. This opacity has sparked widespread debate: are electoral bonds truly a step towards transparency, or do they cloak the financial roots of political power? As the largest democracy grapples with this issue, it’s crucial to examine the data behind electoral bond data, understand their impact on democratic integrity, and explore potential reforms. Join us as we delve into the complex world of electoral bond data transparency, uncovering the facts that shape our electoral landscape.

Origin or Electoral Bond The idea of electoral bonds was introduced in India’s 2017 Union Budget by then-Finance Minister Arun Jaitley to reform the opaque nature of political funding. Launched in March 2018, these bonds aimed to curb black money in elections and enhance transparency. Individuals and corporate entities can purchase these bonds from authorized banks and donate them to political parties anonymously. Between March 2018 and March 2021, over ₹7,000 crore worth of electoral bonds were sold, significantly changing India’s political funding landscape. The bonds, available in denominations from ₹1,000 to ₹1 crore, can be bought during specific government-notified periods.

The government contends that electoral bonds bring clean money into the political system, with donors using legal banking channels to ensure accountability and tax compliance. Political parties can only encash these bonds through their official bank accounts, creating an ostensible paper trail. However, critics argue that the anonymity feature undermines transparency, raising questions about the bonds’ effectiveness. The ongoing debate highlights concerns about balancing donor privacy with the need for transparency in political funding, questioning the true impact of electoral bonds on India’s democratic process.

Data transparency and SBI reports Since the electoral bond scheme’s inception in March 2018, the State Bank of India (SBI) has been the exclusive institution authorized to issue and redeem these bonds. Handling over ₹7,000 crore in transactions between March 2018 and March 2021, SBI’s electoral bond data is pivotal for assessing the transparency and impact of electoral bond funding. Electoral bonds come in denominations of ₹1,000, ₹10,000, ₹1 lakh, ₹10 lakh, and ₹1 crore, available during quarterly ten-day purchase windows. Donors buy these bonds and anonymously donate them to political parties.

A five-judge Constitution Bench of the Supreme Court unanimously struck down the Centre’s electoral bond scheme which facilitates anonymous political donations for being unconstitutional. It underscored that the scheme violates the right to information under Article 19(1)(a) of the Constitution.

Who were the top 20 Electoral bond donors? According to SBI data, lottery king Sebastian Martin’s firm Future Gaming and Hotel Services was the top donor to the scheme, purchasing bonds worth Rs 1,365 crore. Second-ranked Megha Engineering & Infrastructures donated Rs 966 crore, and Reliance-linked Qwik Supply Chain purchased bonds worth Rs 410 crore.

Since the electoral bond scheme’s launch in March 2018, a significant portion of donations has come from a small group of high-value contributors. State Bank of India (SBI) data shows that between March 2018 and March 2021, over ₹7,000 crore in bonds were transacted, with a majority of funds stemming from high-denomination bonds, particularly those valued at ₹1 crore. This indicates that large corporate entities and wealthy individuals are the primary users of electoral bonds, raising concerns about the potential influence of big money in politics.

While the anonymity of electoral bonds was designed to protect donor privacy, it has led to questions about the disproportionate influence of wealthy donors. Despite the government’s claims that these bonds promote clean and transparent political funding, the dominance of large donors suggests a need for closer scrutiny.

FUTURE GAMING AND HOTEL SERVICES PR

₹12,08,00,00,000

MEGHA ENGINEERING AND INFRASTRUCTURES LIMITED

₹8,21,00,00,000

QWIK SUPPLY CHAIN PRIVATE LIMITED

₹4,10,00,00,000

HALDIA ENERGY LIMITED

₹3,77,00,00,000

VEDANTA LIMITED

₹3,75,65,00,000

ESSEL MINING AND INDS LTD

₹2,24,50,00,000

WESTERN UP POWER TRANSMISSION COMPANY LIMITED

₹2,20,00,00,000

KEVENTER FOODPARK INFRA LIMITED

₹1,95,00,00,000

MADANLAL LTD

₹1,85,50,00,000

BHARTI AIRTEL LIMITED

₹1,83,00,00,000

YASHODA SUPER SPECIALITY HOSPITAL

₹1,62,00,00,000

UTKAL ALUMINA INTERNATIONAL LIMITED

₹1,35,30,00,000

DLF COMMERCIAL DEVELOPERS LIMITED

₹1,30,00,00,000

MKJ ENTERPRISES LIMITED

₹1,28,35,00,000

JINDAL STEEL AND POWER LIMITED

₹1,23,00,00,000

B G SHIRKE CONSTRUCTION TECHNOLOGY PVT LTD

₹1,17,00,00,000

DHARIWAL INFRASTRUCTURE LIMITED

₹1,15,00,00,000

BIRLA CARBON INDIA PRIVATE LIMITED

₹1,05,00,00,000

CHENNAI GREEN WOODS PRIVATE LIMITED

₹1,05,00,00,000

RUNGTA SONS P LTD

₹1,00,00,00,000

electoral bond data Electoral Bond Data Which political parties received the most? The Bharatiya Janata Party (BJP) was the biggest beneficiary of the electoral bonds scheme, with donations worth over Rs 6,000 crore in the last four years. Hyderabad-based infrastructure company Megha Engineering (MEIL) was the biggest donor to the BJP, with bonds purchased worth Rs 519 crore. Qwik Supply, an unlisted private company, donated Rs 375 crore, followed by Vedanta with Rs 226.7 crore and Bharti Airtel worth Rs 183 crore.

Since the electoral bond scheme’s inception in March 2018, there’s been a marked disparity in fund distribution among political parties. Data from the State Bank of India (SBI) reveals that over ₹7,000 crore worth of bonds were sold between March 2018 and March 2021. A significant portion of these funds has gone to a few major political parties, primarily benefiting the ruling party and several key opposition parties. This concentration of funds raises concerns about the scheme’s impact on political competition and fairness.

The dominance of a few parties in receiving electoral bond donations suggests that smaller and regional parties may need help to compete financially. This disparity potentially skews political competition, favoring well-established parties and undermining democratic equity. While the scheme aims to promote clean political funding, the uneven distribution underscores the need for greater transparency. Understanding which parties benefit most is crucial for assessing the scheme’s impact and ensuring a fair political landscape. The ongoing debate highlights the necessity for reforms to address these disparities and enhance transparency in political funding in India.

BHARTIYA JANTA PARTY

₹ 60,60,51,11,000

ALL INDIA TRINAMOOL CONGRESS

₹ 16,09,53,14,000

ALL INDIA CONGRESS COMMITTEE

₹ 14,21,86,55,000

BHARAT RASHTRA SAMITHI

₹ 12,14,70,99,000

BIJU JANATA DAL

₹ 7,75,50,00,000

DMK PARTY IN PARLIAMENT

₹ 6,39,00,00,000

YSR CONGRESS PARTY

₹ 3,37,00,00,000

TELUGU DESAM PARTY

₹ 2,18,88,00,000

SHIVSENA (POLITICAL PARTY)

₹ 1,58,38,14,000

RASTRIYA JANTA DAL

₹ 72,50,00,000

AAM AADMI PARTY

₹ 65,45,00,000

JANATA DAL (SECULAR)

₹ 43,50,00,000

SIKKIM KRANTIKARI MORCHA

₹ 36,50,00,000

NATIONALIST CONGRESS PARTY PARLIAMENT OF India

₹ 30,50,00,000

JANASENA PARTY

₹ 21,00,00,000

ADYAKSHA SAMAJVADI PARTY

₹ 14,05,00,000

BIHAR PRADESH JANTA DAL(UNITED)

₹ 14,00,00,000

JHARKHAND MUKTI MORCHA

₹ 13,50,00,000

SHIROMANI AKALI DAL

₹ 7,26,00,000

ALL INDIA ANNA DRAVIDA MUNNETRA KAZHAGAM

₹ 6,05,00,000

SIKKIM DEMOCRATIC FRONT

₹ 5,50,00,000

RASHTRIYA JANTA DAL

₹ 1,00,00,000

SHIVSENA

₹ 1,00,00,000

MAHARASHTRAWADI GOMNTAK PARTY

₹ 55,00,000

JAMMU AND KASHMIR NATIONAL CONFERENCE

₹ 50,00,000

NATIONALIST CONGRESS PARTY MAHARASHTRA PRADESH

₹ 50,00,000

GOA FORWARD PARTY

₹ 35,00,000

The analysis of electoral bond data offers crucial insights into the financial landscape of political funding in India. The significant contributions received by major political parties underscore the importance of corporate influence in politics and highlight the need for greater transparency and accountability. To maintain public trust, it’s essential to strike a balance between protecting donor privacy and ensuring transparency. Advocating for stronger regulatory frameworks, such as mandatory disclosure of donor identities and limits on contributions, and leveraging technology like blockchain for transparent records, can enhance accountability.

Understanding who receives the most funds through electoral bonds allows us to work towards a more transparent and equitable democratic process. For further insights and detailed analysis of electoral bond data, stay tuned to our blog and engage with our latest posts.

[ayurika1211]

TOP 10 Documentation Lawyers In Delhi

Here's a brief description of the top 10 documentation lawyers in Delhi:

Harish Salve: Internationally acclaimed for his expertise in constitutional and arbitration law.

Fali S. Nariman: Renowned senior advocate specializing in constitutional law with landmark contributions.

K.K. Venugopal: India's Attorney General, distinguished for his vast legal knowledge and constitutional insights.

Gopal Subramanium: Former Solicitor General known for his prowess in constitutional and human rights law.

Abhishek Manu Singhvi: Senior advocate and lawmaker with extensive experience in constitutional and corporate law.

Arun Jaitley: Late political figure and legal luminary recognized for his contributions to corporate law.

Indira Jaising: Prominent advocate championing women's rights and social justice causes.

Kapil Sibal: Seasoned lawyer and former Union Minister known for his expertise in constitutional matters.

Mukul Rohatgi: Former Attorney General celebrated for his legal prowess across diverse practice areas.

Nidhesh Gupta: Emerging legal talent specializing in corporate law and dispute resolution.

[sequelscreen]

Milestones in the legal landscape: Rohan Jaitley is appointment as Central Government Standing Counsel in Delhi High Court

Rohan Jaitley exemplifies commitment to excellence in law

Advocate Rohan Jaitley has been designated by the Central government as its Standing Counsel in the Delhi High Court. With immediate effect, the agreements have been established for a period of three years, starting on March 13, 2024. The Department of Legal Affairs, Ministry of Law and Justice, Government of India, issued an order in this regard.

Rohan Jaitley is one of the Central Government Standing Counsels (CGSC) that President Droupadi Murmu has just appointed to represent him before the Delhi High Court. Rohan Jaitley is a practicing attorney and the son of the late Shri Arun Jaitley, a former Union Finance Minister and leader of the Bharatiya Janata Party.

Rohan Jaitley’s trajectory from his early years to his latest career milestone as the Central Government Standing Counsel in the Delhi High Court exemplifies a commitment to excellence, dedication to public service, and a profound impact on various spheres of society.

Born into a family renowned for its contributions to Indian politics and public service, Rohan Jaitley inherited a legacy of leadership, integrity, and compassion. Growing up, he was instilled with the values of hard work, humility, and a sense of responsibility towards society. Educated at esteemed institutions, Rohan Jaitley excelled academically, earning degrees in law from Amity Law School and Cornell University. His education not only equipped him with a strong foundation of knowledge but also instilled in him a passion for justice and a desire to serve the community.

Rohan Jaitley’s foray into the legal profession marked the beginning of a distinguished career characterized by integrity, expertise, and a commitment to upholding the rule of law. He honed his skills as a lawyer, navigating complex legal landscapes with finesse and determination. Rohan Jaitley’s dedication to his craft and unwavering pursuit of justice earned him recognition and respect within the legal fraternity. His ability to navigate intricate legal matters with clarity and precision distinguished him as a rising star in the legal profession.

The recent appointment of Rohan Jaitley as the Central Government Standing Counsel in the Delhi High Court represents a significant milestone in his illustrious career. As a trusted legal advisor to the central government, he will play a pivotal role in representing the interests of the state and upholding the principles of justice and equity. This appointment underscores Rohan Jaitley’s reputation as a legal luminary with a track record of excellence and integrity. His extensive experience, coupled with his unwavering commitment to the principles of justice, makes him eminently qualified for this prestigious role.

As the Central Government Standing Counsel, Rohan Jaitley will bring his expertise to bear on a wide range of legal matters, from constitutional issues to administrative law and beyond. His appointment is a testament to his stature within the legal community and his dedication to serving the public interest. Moreover, young professionals and aspirant solicitors over the nation find inspiration in Rohan Jaitley’s appointment. His path from law student to Central Government Standing Counsel serves as an example of the many opportunities available in the legal field for individuals who are prepared to put in the necessary effort, stick with it through tough times, and uphold the highest ethical and professional standards. It also emphasises how crucial ethics, hard work, and a dedication to public duty that Rohan Jaitley showcased leads to success in any endeavour.

Throughout his career, Rohan Jaitley has left an indelible mark on the legal profession and society at large. His unwavering commitment to excellence, integrity, and public service has earned him admiration and respect from colleagues, clients, and constituents alike. Beyond his professional accolades, Rohan Jaitley’s appointment carries significant familial and societal significance. As the son of Arun Jaitley, he inherits a legacy of public service and legal excellence, and his acceptance of this role further solidifies his commitment to upholding his father’s esteemed reputation.

Rohan Jaitley’s leadership is seen in a variety of influential and diverse settings outside of the courtroom. In his role as steward of sports administration, Rohan Jaitley has elevated creativity and morality to the fore, reviving organisations and giving athletes a vision that values teamwork over rivalry. Rohan Jaitley’s time at the Delhi & District Cricket Association (DDCA) is a testament to his dedication to quality work and his capacity to bring about significant change, serving as an inspiration to a new wave of sports fans and administrators.

Within the political sphere, the advent of Rohan Jaitley as a transformative leader signifies the beginning of a new age of an energetic, and visionary governance. His open style and progressive attitude have struck a chord with people from all walks of life, inspiring optimism and a feeling of possibility that goes beyond party politics and embraces the aspirations of the entire country.

As he embarks on this new chapter as the Central Government Standing Counsel, Rohan Jaitley’s legacy of excellence and service will continue to inspire future generations of legal professionals. His dedication to upholding the rule of law and advancing the cause of justice serves as a shining example of the profound impact that one individual can have on society.

[quikryquil]

Celebrating Rohan Jaitley - Inspiring leadership and philanthropic spirit

In every society, there are individuals whose presence exudes positivity and promise. Rohan Jaitley is one such figure whose attributes warrant acknowledgment and appreciation. Despite the challenges and criticisms that often accompany individuals in the public eye, Rohan Jaitley possesses qualities that not only contribute positively to his own endeavors but also to the broader community. In this article, we will explore the remarkable facets of Rohan Jaitley’s character and achievements that merit recognition and celebration.

First and foremost, Rohan Jaitley exemplifies resilience and determination. As the son of the late Arun Jaitley, a prominent Indian politician and former Minister of Finance, Rohan has undoubtedly faced high expectations and scrutiny from an early age. However, rather than allowing these pressures to deter him, Rohan has embraced them as opportunities for growth and learning. His ability to navigate the complexities of public life with grace and poise speaks volumes about his resilience in the face of adversity.

Furthermore, Rohan Jaitley’s commitment to public service is commendable. Despite being thrust into the spotlight due to his familial connections, Rohan has chosen to carve out his own path, focusing on making a positive impact in his community. His involvement in various philanthropic initiatives demonstrates his genuine desire to give back and uplift those in need. Whether through charitable donations or volunteer work, Rohan’s dedication to serving others serves as a shining example for aspiring leaders everywhere.

In addition to his resilience and altruism, Rohan Jaitley possesses remarkable intellect and leadership skills. Educated at prestigious institutions such as the Amity Law School and Cornell University, Rohan has honed his analytical abilities and legal expertise to become a respected professional in his own right. Moreover, his leadership roles within various organizations highlight his capacity to inspire and motivate others towards a common goal. Whether leading teams in the legal field or advocating for social causes, Rohan’s strategic vision and effective communication skills set him apart as a leader of tomorrow.

Beyond his personal achievements, Rohan Jaitley’s dedication to upholding ethical values is truly commendable. In a world where moral integrity is often compromised for personal gain, Rohan’s unwavering commitment to honesty and integrity serves as a beacon of hope. His adherence to ethical principles in both his professional and personal life sets a positive example for others to follow, fostering a culture of trust and transparency in all endeavors.

Rohan Jaitley is a multifaceted individual whose positive attributes and accomplishments deserve recognition and acclaim. From his resilience in the face of adversity to his unwavering commitment to public service, Rohan embodies the qualities of a true leader and role model. As he continues to make strides in his career and contribute to the betterment of society, Rohan Jaitley serves as an inspiration to us all, reminding us of the transformative power of optimism, integrity, and service to others.

[delhinewsinenglish]

PM inaugurates Haryana section of Dwarka Expressway

Prime Minister Narendra Modi on Monday inaugurated the Haryana section of the landmark Dwarka Expressway, which will improve traffic flow and ease congestion between Delhi and Gurugram on NH-48.

The total length of Dwarka Expressway is 29 km, out of which 18.9 km falls in Haryana, while the remaining 10.1 km is in Delhi.

On March 9, 2019 the then Union ministers, Sushma Swaraj, Arun Jaitley and Nitin Gadkari had laid the foundation stone for Dwarka Expressway.

The prime minister also held a road show here.

Dwarka Expressway is India's first elevated 8-lane access control urban expressway, being constructed at an estimated cost of Rs 9,000 crore, as part of the Centre's Rs 60,000 crore highway development plan in the NCR to decongest the national capital.

The Haryana section of Dwarka Expressway has been built at a cost of around Rs 4,100 crore and includes two packages of 10.2-km Delhi-Haryana Border to Basai Rail-over-Bridge (ROB) and 8.7-km Basai ROB to Kherki Daula.

It will also provide direct connectivity to the IGI Airport in Delhi and Gurugram Bypass.

Haryana Chief Minister Manohar Lal Khattar and Minister of Road Transport and Highways Nitin Gadkari were present at the event.

Source : PM inaugurates Haryana section of Dwarka Expressway

[livesanskrit]

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Arun Jaitley.

Arun Jaitley (28 December 1952 – 24 August 2019) was an Indian politician and attorney. A member of the Bharatiya Janata Party, Jaitley served as the Minister of Finance and Corporate Affairs of the Government of India from 2014 to 2019. Jaitley previously held the cabinet portfolios of Finance, Defence, Corporate Affairs, Commerce and Industry, and Law and Justice in the Vajpayee government and Narendra Modi government.

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[news365timesindia]

[ad_1] Paromita Das GG News Bureau New Delhi, 24th Dec. A Reversal of Opinions Raghuram Rajan, the former Governor of the Reserve Bank of India (RBI), has been a vocal critic of the Modi government during his tenure at the central bank. His frequent disagreements with the government, particularly over monetary policies and handling of the economy, earned him the tag of being a “darling of the opposition.” However, in a surprising turn of events, Rajan recently lauded the Modi administration for its effective management of Non-Performing Assets (NPAs), a key challenge for the Bharatiya banking system. This unexpected praise comes after years of sharp criticisms and is worthy of scrutiny, considering Rajan’s pivotal role in the banking reforms during his tenure at RBI. Understanding the NPA Crisis: The Historical Context: To comprehend the significance of Rajan’s recent remarks, it is essential to revisit the context of Bharat’s NPA crisis. NPAs are loans that have gone unpaid for an extended period, and their rise in the Bharatiya banking system has been a long-standing issue, primarily beginning after the global financial crisis of 2008. Rajan noted that projects funded by banks before the crisis started facing significant setbacks post-2008 due to factors such as corruption, delays in permits, and mismanagement. These factors caused a steep rise in NPAs, especially in public sector banks. Rajan’s 2015 Asset Quality Review (AQR) was a watershed moment in addressing this crisis. The AQR helped to clean up the balance sheets of banks by ensuring that bad loans were promptly identified, with the necessary provisioning made. According to Rajan, this was crucial for alleviating the growing financial insecurity surrounding public sector banks. He recalled how he took his proposal for an AQR and the end of the moratorium on bad loans to Arun Jaitley, the then Finance Minister, who approved it without hesitation. This marked a turning point in the fight against NPAs. The Modi Government’s Response, A Shift in NPA Management: Rajan’s praise for the Modi government’s handling of NPAs aligns with recent updates from Finance Minister Nirmala Sitharaman. According to her, between 2014 and 2023, the government’s initiatives helped recover more than ₹10 lakh crores from bad loans. The gross NPA ratio fell to a 12-year low of 2.8 percent by the end of the fiscal year 2024. These figures are a direct reflection of the government’s ongoing efforts to manage bad loans and prevent further escalation of the NPA crisis. Rajan acknowledges that the implementation of AQR was a pivotal step. However, the Modi government’s broader policy initiatives played a crucial role in reducing NPAs over time. One of the most significant steps was the introduction of the Insolvency and Bankruptcy Code (IBC) in 2016. This law gave authorities the power to take control of defaulting companies from their promoters, thereby protecting the interests of creditors. Additionally, wilful defaulters were barred from participating in the resolution process, ensuring that there would be greater accountability. Additional Measures to Tackle NPAs: Alongside the IBC, the government took several other steps to address the NPA issue. One such measure was the amendment to the Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest Act (SARFAESI Act) of 2002, allowing banks to auction the assets of defaulters. This was complemented by the establishment of the National Asset Reconstruction Company Limited (NARCL) to resolve stressed assets over ₹500 crore. The government also provided a ₹30,600 crore guarantee to back NARCL’s receipts, further enhancing the efficiency of the recovery process. Public sector banks were also restructured through the establishment of Stressed Asset Management Verticals, such as the one in the State Bank of India (SBI), to manage and recover loans more effectively. These verticals allowed banks to monitor loans more closely, ensuring that any potential defaults were caught early.

Moreover, the RBI implemented a system of Early Warning Signals (EWS) to trigger timely remedial actions for loans at risk of default. A Positive Outlook: Rajan’s Acknowledgment: Raghuram Rajan’s acknowledgment of the Modi government’s success in reducing NPAs is notable, especially considering his earlier critiques. He conceded that the government’s approach, including the AQR, the IBC, and other reforms, helped set the stage for the reduction in bad loans. As he put it, “Eventually the situation is back on track,” signifying a recovery after years of financial distress. Rajan’s perspective carries weight given his experience and expertise in managing the Bharatiya economy, and his remarks add credibility to the government’s claims of progress. Conclusion: The Long Road Ahead: While the reduction in NPAs under the Modi government is a significant achievement, experts agree that the work is far from over. The underlying issues that contribute to the creation of bad loans—such as poor project planning, delays in clearances, and systemic corruption—continue to be challenges for Bharat’s banking sector. Therefore, while Rajan’s praise is deserved, it also highlights the complexity of tackling NPAs and the need for continued vigilance. The government’s strategy of combining regulatory reforms, legal frameworks, and institutional restructuring has certainly yielded results. Yet, with Bharat’s banking sector still grappling with certain vulnerabilities, it is essential to keep refining these measures. Raghuram Rajan’s shift in stance reflects a recognition of these efforts, providing a balanced view of the Modi government’s handling of one of the most significant financial challenges in Bharat’s economic history. The post Raghuram Rajan’s Remark on Modi Government’s NPA Management: A Shift in Perspective appeared first on Global Governance News- Asia's First Bilingual News portal for Global News and Updates. [ad_2] Source link

[news365times]

[ad_1] Paromita Das GG News Bureau New Delhi, 24th Dec. A Reversal of Opinions Raghuram Rajan, the former Governor of the Reserve Bank of India (RBI), has been a vocal critic of the Modi government during his tenure at the central bank. His frequent disagreements with the government, particularly over monetary policies and handling of the economy, earned him the tag of being a “darling of the opposition.” However, in a surprising turn of events, Rajan recently lauded the Modi administration for its effective management of Non-Performing Assets (NPAs), a key challenge for the Bharatiya banking system. This unexpected praise comes after years of sharp criticisms and is worthy of scrutiny, considering Rajan’s pivotal role in the banking reforms during his tenure at RBI. Understanding the NPA Crisis: The Historical Context: To comprehend the significance of Rajan’s recent remarks, it is essential to revisit the context of Bharat’s NPA crisis. NPAs are loans that have gone unpaid for an extended period, and their rise in the Bharatiya banking system has been a long-standing issue, primarily beginning after the global financial crisis of 2008. Rajan noted that projects funded by banks before the crisis started facing significant setbacks post-2008 due to factors such as corruption, delays in permits, and mismanagement. These factors caused a steep rise in NPAs, especially in public sector banks. Rajan’s 2015 Asset Quality Review (AQR) was a watershed moment in addressing this crisis. The AQR helped to clean up the balance sheets of banks by ensuring that bad loans were promptly identified, with the necessary provisioning made. According to Rajan, this was crucial for alleviating the growing financial insecurity surrounding public sector banks. He recalled how he took his proposal for an AQR and the end of the moratorium on bad loans to Arun Jaitley, the then Finance Minister, who approved it without hesitation. This marked a turning point in the fight against NPAs. The Modi Government’s Response, A Shift in NPA Management: Rajan’s praise for the Modi government’s handling of NPAs aligns with recent updates from Finance Minister Nirmala Sitharaman. According to her, between 2014 and 2023, the government’s initiatives helped recover more than ₹10 lakh crores from bad loans. The gross NPA ratio fell to a 12-year low of 2.8 percent by the end of the fiscal year 2024. These figures are a direct reflection of the government’s ongoing efforts to manage bad loans and prevent further escalation of the NPA crisis. Rajan acknowledges that the implementation of AQR was a pivotal step. However, the Modi government’s broader policy initiatives played a crucial role in reducing NPAs over time. One of the most significant steps was the introduction of the Insolvency and Bankruptcy Code (IBC) in 2016. This law gave authorities the power to take control of defaulting companies from their promoters, thereby protecting the interests of creditors. Additionally, wilful defaulters were barred from participating in the resolution process, ensuring that there would be greater accountability. Additional Measures to Tackle NPAs: Alongside the IBC, the government took several other steps to address the NPA issue. One such measure was the amendment to the Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest Act (SARFAESI Act) of 2002, allowing banks to auction the assets of defaulters. This was complemented by the establishment of the National Asset Reconstruction Company Limited (NARCL) to resolve stressed assets over ₹500 crore. The government also provided a ₹30,600 crore guarantee to back NARCL’s receipts, further enhancing the efficiency of the recovery process. Public sector banks were also restructured through the establishment of Stressed Asset Management Verticals, such as the one in the State Bank of India (SBI), to manage and recover loans more effectively. These verticals allowed banks to monitor loans more closely, ensuring that any potential defaults were caught early.

Moreover, the RBI implemented a system of Early Warning Signals (EWS) to trigger timely remedial actions for loans at risk of default. A Positive Outlook: Rajan’s Acknowledgment: Raghuram Rajan’s acknowledgment of the Modi government’s success in reducing NPAs is notable, especially considering his earlier critiques. He conceded that the government’s approach, including the AQR, the IBC, and other reforms, helped set the stage for the reduction in bad loans. As he put it, “Eventually the situation is back on track,” signifying a recovery after years of financial distress. Rajan’s perspective carries weight given his experience and expertise in managing the Bharatiya economy, and his remarks add credibility to the government’s claims of progress. Conclusion: The Long Road Ahead: While the reduction in NPAs under the Modi government is a significant achievement, experts agree that the work is far from over. The underlying issues that contribute to the creation of bad loans—such as poor project planning, delays in clearances, and systemic corruption—continue to be challenges for Bharat’s banking sector. Therefore, while Rajan’s praise is deserved, it also highlights the complexity of tackling NPAs and the need for continued vigilance. The government’s strategy of combining regulatory reforms, legal frameworks, and institutional restructuring has certainly yielded results. Yet, with Bharat’s banking sector still grappling with certain vulnerabilities, it is essential to keep refining these measures. Raghuram Rajan’s shift in stance reflects a recognition of these efforts, providing a balanced view of the Modi government’s handling of one of the most significant financial challenges in Bharat’s economic history. The post Raghuram Rajan’s Remark on Modi Government’s NPA Management: A Shift in Perspective appeared first on Global Governance News- Asia's First Bilingual News portal for Global News and Updates. [ad_2] Source link

[newz-archive]

Supreme Court Invalidates Electoral Bonds: Countering Arun Jaitley’s Arguments

In a landmark decision, a five-judge constitution bench of the Supreme Court has declared the electoral bonds scheme unconstitutional, citing its violation of the Right to Information Act and thereby impinging on the Fundamental Right to Freedom of Speech and Expression under Article 19(1)(a) of the Constitution.

Former Finance Minister Arun Jaitley had introduced the Electoral Bonds Scheme on January 2, 2018, in the Lok Sabha, emphasizing its potential to mitigate the influx of black money into political party funding. However, the scheme faced judicial scrutiny, culminating in its recent nullification by the apex court.

Key Points from the Supreme Court Verdict:

The court asserted that transparency regarding political party funding is indispensable, highlighting that the electoral bonds scheme undermines the right to information.

Chief Justice of India D Y Chandrachud elaborated on the inherent quid pro quo between political funding and policy-making, deeming the lack of disclosure regarding corporate funding as unconstitutional.

Contrary to the government’s argument of curbing black money, the court held that the objective doesn’t justify compromising fundamental rights. It applied a three-pronged test, as outlined in the 2017 Justice K S Puttaswamy (retd) v Union of India ruling, emphasizing that the electoral bond scheme wasn’t the least restrictive method available.

The court invalidated amendments to the Income Tax Act and Section 29C of the Representation of the People Act.

Arguments Presented by Arun Jaitley:

In defense of the electoral bonds scheme, Jaitley contended that disclosing individual donor contributions would discourage donations, potentially reverting to less desirable cash-based donations. He argued that the scheme represented a significant improvement in transparency compared to the existing opaque funding system. Jaitley highlighted the prevailing non-transparent political funding ecosystem and emphasized the need for reform. He outlined the features of the electoral bonds scheme, emphasizing its transparency through banking instruments and mandatory disclosure requirements for both donors and political parties.

A recent Supreme Court ruling has invalidated the electoral bonds scheme, a brainchild of former Finance Minister Arun Jaitley, citing its infringement upon the Right to Information Act and fundamental rights enshrined in the Constitution. Introduced in 2018 as a measure to tackle black money in political funding, the scheme faced constitutional scrutiny, culminating in its annulment by the apex court.

The court’s decision underscored the imperative of transparency in political funding, rebuffing the government’s argument of curbing black money through the electoral bonds scheme. Chief Justice D Y Chandrachud elucidated the symbiotic relationship between political funding and policymaking, deeming the lack of disclosure regarding corporate funding unconstitutional. Additionally, the court applied a rigorous test, concluding that the scheme failed to meet the standards of least restriction on fundamental rights.

Jaitley, in defense of the electoral bonds scheme, argued that mandatory disclosure of donor contributions could dissuade donations, potentially reverting to less desirable cash-based transactions. He emphasized the scheme’s role in enhancing transparency compared to the existing opaque funding practices.

In essence, the Supreme Court’s verdict not only nullifies the electoral bonds scheme but also underscores the significance of transparency and accountability in political funding, setting a significant precedent for future electoral reforms.

[college-buz]

Electoral Bonds Struck Down Ahead Of Polls In Big Supreme Court Order

In a historic judgment, the Supreme Court today struck down the electoral bonds scheme for political funding, holding that it violates the citizens' right to information. The electoral bonds scheme, Chief Justice of India DY Chandrachud said, was unconstitutional and arbitrary and may lead to a quid pro quo arrangement between political parties and donors.

The Constitution bench of five judges held that the stated objective of fighting black money and maintaining the confidentiality of donors cannot defend the scheme. Electoral bonds, the court said, are not the only way to curb black money.

The Chief Justice of India said State Bank of India shall stop issue of these bonds at once and provide details of donations made through this mode to the Election Commission of India. The poll body was asked to publish this information on its website by March 13.

The five-judge bench, also comprising Justice Sanjiv Khanna, Justice BR Gavai, Justice JB Pardiwala and Justice Manoj Misra, came up with a unanimous decision. "We have arrived at a unanimous decision. There are two opinions, one by myself and another by Justice Sanjiv Khanna. Both arrive at the same conclusion. There is a slight variance in the reasoning," the Chief Justice of India said.

The electoral bonds scheme was introduced in 2018 with the stated objective of blocking black money from entering the political system. Then Finance Minister Arun Jaitley had then said the conventional practice of political funding in India was cash donations. "The sources are anonymous or pseudonymous. The quantum of money was never disclosed. The present system ensures unclean money coming from unidentifiable sources. It is a wholly non-transparent system," he had then said. On the confidentiality clause, he had said the disclosure of the donors' identity would make them go back to the cash option.

Soon after the scheme was implemented, multiple parties challenged it in court. These included CPM, Congress leader Jaya Thakur and non-profit Association for Democratic Reforms. They argued that the confidentiality clause came in the way of the citizen's right to information.

Senior Advocate Prashant Bhushan, appearing for ADR, said the bonds promote corruption as they are opaque and anonymous. "The bonds do not allow a level-playing field between political parties which are ruling versus political parties which are in the Opposition or between political parties and independent candidates." He also said ever since this scheme was introduced, contributions made through this donation method had exceeded all other modes.

In fact, the Election Commission, too, had opposed the scheme when it was brought, calling it a "retrograde step" with regard to transparency in political funding. Later

The government had gone all out to defend the scheme in the Supreme Court. Solicitor General of India Tushar Mehta had said it was a deliberate attempt to ensure that funding received by political parties was clean money. He had said disclosing the donor's identity could disincentivise the whole process. "Suppose, as a contractor, I donate to the Congress Party. I do not want the Bharatiya Janata Party (BJP) to know because it might form a government," he had said. When the court asked how this confidentiality can be reconciled with the voters' right to information, Mr Mehta had replied that voters do not vote on the basis of who is funding which party but on ideology, principles, leadership and efficiency of a party.

Countering the right to information argument, Attorney General of India R Ventakaramani had said there "can be no general right to know anything and everything without being subjected to reasonable restrictions". "Secondly, the right to know as necessary for expression can be for specific ends or purposes and not otherwise," he had said.

The Supreme Court also struck down the amendments to company and tax laws. Earlier, companies needed to be at least three years old to donate and had to disclose the amount and name of the party to which it was donating. These conditions that ensured transparency in corporate donations were done away with under the new law.

"A company has graver influence on the political process than contributions by individuals. Contributions by companies are purely business transactions. Amendment to Section 182 Companies Act is manifestly arbitrary for treating companies and individuals alike," the court said.

"Before the amendment, loss making companies were not able to contribute. The amendment does not recognise the harm of allowing loss-making companies to contribute due to quid pro quo. The amendment to Section 182 Companies Act is manifestly arbitrary for not making a distinction between loss making and profit making companies," the court added.