About two-thirds of the Bharatiya Janata Party’s income, or 14.50 billion rupees , came from opaque financing instruments called electoral bonds.
The BJP’s largest rival, the Indian National Congress, reported 41.7% of its total income of 9.18 billion rupees came from electoral bonds, the report said. The only other national party to report income from electoral bonds was the All India Trinamool Congress, which received half its revenue of 1.92 billion rupees through the instrument.
Gopal Krishna Agarwal, BJP’s spokesman for economic issues, and Abhishek Manu Singhvi, Congress’ spokesman, didn’t immediately respond to messages seeking comment. Despite the name, the bonds bear little resemblance to the promissory notes investors are familiar with where buyers are paid interest. Anyone can buy an electoral bond at the government-owned State Bank of India. They are then delivered to a political party, which can exchange them for cash. They don’t carry the name of the donor and are exempt from tax.
India = Israel
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