For six years Indian parties could receive unlimited, anonymous donations through electoral bonds. In
February 2024 the Supreme Court struck the scheme down and ordered the data released. Here is what it
showed, and the rules that apply now.
Explore · Electoral bonds, April 2019 – February 2024
₹12,769 crorein bonds disclosed.
From the data the State Bank of India gave the Election Commission under the Supreme Court's order.
BJPBharatiya Janata Party₹6,061 crore47.5%
AITCAll India Trinamool Congress₹1,610 crore12.6%
INCIndian National Congress₹1,422 crore11.1%
BRSBharat Rashtra Samithi₹1,215 crore9.5%
BJDBiju Janata Dal₹776 crore6.1%
DMKDravida Munnetra Kazhagam₹639 crore5.0%
YSRCPYSR Congress Party₹337 crore2.6%
TDPTelugu Desam Party₹219 crore1.7%
Shivsenaname as printed by SBI₹159 crore1.2%
RJDRashtriya Janata Dal₹73.5 crore0.6%
AAPAam Aadmi Party₹65.5 crore0.5%
JD(S)Janata Dal (Secular)₹43.5 crore0.3%
SKMSikkim Krantikari Morcha₹36.5 crore0.3%
Nationalist Congress Party Maharashtra Pradeshname as printed by SBI₹31 crore0.2%
15 JINDAL STEEL AND POWER LIMITED BJD ₹1 crore · INC ₹20 crore · BJP ₹3 crore ₹123 crore
Bonds were matched to parties using the unique numbers SBI disclosed on 21 March 2024. Hover or focus a
purchaser or party to trace its flows. “Unmatched” is the part of a purchaser's total not linked to a party.
According to ADR, using SBI data obtained under the Right to Information Act, bonds worth ₹16,518 crore were
sold in 30 tranches between March 2018 and January 2024. The ECI disclosure covers bonds bought from 12 April
2019, so it accounts for less than that total.
2017 – 2024
The rise and fall of electoral bonds.
Step through · Electoral bonds
Seven years, from budget to judgment.
How anonymous political donations were created, challenged and ended.
Step 1 of 7 · Parliament
Finance Act 2017
Passed as a money bill, it amended four laws at once: the RBI Act to allow bearer bonds; section 29C of the Representation of the People Act so parties need not report donations received through bonds; section 182 of the Companies Act to remove the cap on corporate donations (7.5% of average net profit) and the duty to name the party; and the Income-tax Act.
Step 2 of 7 · Ministry of Finance · 2 January 2018
Scheme notified
Bonds in denominations from ₹1,000 to ₹1 crore could be bought only from the State Bank of India, by Indian citizens or companies incorporated in India, in set windows. A party could encash them within 15 days, and only if it had won at least 1% of the vote in the last Lok Sabha or assembly election.
Step 3 of 7 · State Bank of India · March 2018
First sale
Sales ran in tranches until January 2024. Neither the public nor the Election Commission could see who bought a bond or which party redeemed it. SBI recorded both.
Step 4 of 7 · ADR, Common Cause and others
The challenge
Petitions filed in 2017 argued the scheme hid political funding from voters. On 12 April 2019 the Supreme Court declined to stay it, but ordered parties to give the Election Commission details of bonds received, in sealed covers.
Step 5 of 7 · Supreme Court · 15 February 2024
Struck down
A five-judge Constitution Bench, in Association for Democratic Reforms v. Union of India, unanimously held the scheme unconstitutional: anonymous donations violated voters' right to information under Article 19(1)(a). It also struck down the 2017 change to section 182 of the Companies Act, restoring limits on corporate giving. SBI was told to stop issuing bonds and hand the details to the ECI.
Step 6 of 7 · SBI and ECI · 11–14 March 2024
Disclosure
The Court refused SBI's request for more time, until 30 June, and ordered disclosure by the next day. On 14 March the Election Commission published two lists: purchasers, and parties that redeemed bonds. The lists covered April 2019 onwards.
Step 7 of 7 · SBI and ECI · 21 March 2024
Matching
After a further order, SBI disclosed each bond's unique alphanumeric number. The ECI published the numbers, so each purchase could be matched to the party that redeemed it. Our purchaser-to-party flows rely on that matching.
The rules now
How parties may raise money.
Report every donation above ₹20,000
Under section 29C of the Representation of the People Act, 1951, every party must report to the ECI each contribution above ₹20,000 from a person or company in a financial year (Form 24A). Donations at or below ₹20,000 need not be itemised.
Cash capped at ₹2,000
Since the Finance Act 2017, a party loses its income-tax exemption under section 13A of the Income-tax Act, 1961 if it takes more than ₹2,000 in cash from one donor. Larger gifts must come by cheque, bank transfer or (until 2024) electoral bond.
Electoral trusts
Companies can give through electoral trusts registered under the 2013 Electoral Trusts Scheme. A trust must pass on at least 95% of what it receives each year to parties, and it reports both its contributors and the parties it pays to the ECI.
Company donations
Section 182 of the Companies Act, 2013 lets a company that has existed for three years give to parties by board resolution, and requires disclosure in its accounts. After the February 2024 judgment the cap of 7.5% of average net profits over the previous three years applies again.
Foreign money is barred
Parties and candidates may not accept foreign contributions under the Foreign Contribution (Regulation) Act, 2010. Amendments in 2016 and 2018 narrowed what counts as a “foreign source”, for example Indian subsidiaries of foreign companies.
Annual accounts
Parties file audited annual accounts and, after each election, an election-expenditure statement with the ECI. ADR compiles these each year, and finds that a large share of declared party income comes from “unknown sources”.
Rule 90 · Conduct of Election Rules, 1961
Candidates have a cap. Parties do not.
The ceilings were last raised in January 2022. Every candidate keeps a day-by-day account (section 77 of
the RPA, 1951) and files it with the district election officer within 30 days of the result. Failing to
file can bring disqualification for three years (section 10A).
Lok SabhaMost states, Delhi, J&K₹95 lakh
Lok SabhaArunachal Pradesh, Goa, Sikkim and smaller UTs₹75 lakh
AssemblyMost states₹40 lakh
AssemblySmaller states and Puducherry₹28 lakh
What a party spends on its general campaign, and its leaders' travel as “star campaigners”, does not count
towards a candidate's limit. Exact state groupings are in the ECI's notification of 6 January 2022.
Compared with
India and the United States.
Both countries let large sums into politics. They differ in where the money is visible. See the American side.
Political finance rules, India and the United States
India
United States
Who may give
Individuals and Indian companies; no foreign sources
Individuals, corporations, unions; no foreign nationals
Limits on giving
None for individuals; companies capped at 7.5% of profits (restored 2024)
Candidates and parties have limits; super PACs can take unlimited sums (since 2010)
Disclosure
Parties itemise gifts above ₹20,000; bonds (2018–24) were anonymous to the public
Donors above $200 itemised to the FEC, including super PAC donors
Spending limits
Candidates capped (₹95 lakh for the Lok Sabha); parties uncapped
No candidate spending caps (unless taking public funds); outside groups uncapped
Outside groups
No PAC system; companies give mainly through electoral trusts
PACs, super PACs and 501(c) groups, some of which need not name donors