BJP raised record ₹1,685 crore via Electoral Bonds in FY24 despite declining donation share

Electoral bonds constituted the largest source of income for the Bharatiya Janata Party (BJP) in FY 2023-24, the party's annual audit report has revealed.

The saffron party received ₹1,685.6 crore through electoral bonds in FY 2023-24. This is the highest ever annual income or receipts from bonds declared by any party and about 38 per cent of BJP's total income of ₹4,340 crore as on March 31 in FY 2023-24. 

These details have been mentioned in the BJP’s annual audit report published by the Election Commission of India on its website.

Remember, 2024 was an election year. The Lok Sabha election 2024 was held in seven phases from April 19 to June 1. The results were announced on June 4. The BJP-led National Democratic Alliance returned to power with Narendra Modi becoming the Prime Minister for the record third time. 

The share of EBs dips

The share of income through electoral bonds however decreased for the BJP in FY 2023-24 compared to previous fiscal. The party had received ₹1,294.14 crore contribution as electoral bonds, forming 54 per cent of the total ₹2,360 crore income that the BJP earned in FY 2022-23.

The Supreme Court had in February 2024 scrapped the Electoral Bond scheme for political donations holding it ‘unconstitutional.’

According a report by election watchdog, the Association for Democratic Reforms (ADR), the total amount of Electoral Bonds collected by the BJP since FY 2017-18 until FY 2022-23 was ₹65,66 crore, while that by the Congress was ₹1,123.3 crore.

The electoral bonds scheme, which was notified by the government on January 2, 2018, was pitched as an alternative to cash donations made to political parties as part of efforts to bring transparency in political funding.

Electoral bonds are monetary instruments that citizens or corporate groups could buy from a bank and give to a political party, which is then free to redeem the same for money.

Other Sources of Income

Electoral bonds comprise the highest donations that the BJP received through voluntary contributions or donations. Overall, the party got ₹3,967.14 crore in FY 2023-2024 as voluntary donations compared to ₹2,120.06 crore it got in FY 2022-23.

In FY 2023-24 electoral bonds comprised 43 per cent of total donations to the BJP. In FY 2022-23 the share of Electoral Bonds in total voluntary contributions to the BJP was 61 per cent.

Among other contributions for BJP, ₹236.3 crore came from Aajiwan Sahayog Nidhi (BJP's fund-raising scheme) and ₹2,042.7 crore from 'other' contributions. Individual donors contributed around ₹240 crore to BJP, corporates ₹1,890 crore and institutions and welfare bodies ₹101.2 crore, as per the audit report.