Hindi English Translation || Editorial || Sordid scheme: On the electoral bond scheme, electoral financing

Sordid scheme: On the electoral bond scheme, electoral financing

Matching electoral bond purchasers and donors reveals cronyism, corruption

Following the Supreme Court of India-ordered release of the final tranche (अंश, श्रृंखला) of data from the State Bank of India, it has now been possible to get a nearly (लगभग) complete picture (तस्वीर, चित्र) of electoral financing, which was once an opaque (अस्पष्ट, अपारदर्शी) route. The SBI had to release data of the unique numbers for electoral bonds (an electoral bond is designed to be a bearer instrument like a Promissory Note — in effect, it will be similar to a bank note that is payable to the bearer on demand and free of interest. It can be purchased by any citizen of India or a body incorporated in India. it allows limitless, secret donations to political parties, including (and especially) by corporations) purchased by corporate and individual donors and later encashed by political parties. That the SBI had to be prodded twice by the Court to release these chunks (a significant/large amount of something; a thick, solid piece of something) of data — in the first instance they were without the unique numbers that could connect donors with parties — is an indictment (अभियोग, दोषारोपण) of the bank which had initially sought an extension till June 30, 2024, well after the general election, to release the information. On the other hand (instead, alternatively, contrarily), it took only a few hours for news organisations to perform a simple data-matching exercise (task, work) to connect the two sets of information — on the companies that had purchased the bonds and on the parties that had encashed them. A cursory (casual, brief, hurried, quick) look at the data reveals the inefficacy (ineffectiveness, uselessness, helplessness) of the argument for the need for opacity (opaqueness, non-transparency, obscurity, lack of clarity) of electoral bonds that had been propounded (प्रस्तुत करना, प्रतिपादन करना) by the Union government, but one soundly (completely, fully, entirely, utterly) rejected by the Court. For one (used to give an example of something), there seems to be a clear correlation (सहसंबंध) between large donations being made to certain political parties and bond purchasers receiving high-value infrastructure (the basic physical or organisational structure or framework that a country or organization needs in order to function properly. For a whole nation, it includes all the physical systems such as buildings, roads & railways networks, utilities, etc) contracts. In some cases, there is strong correlation between entities being subject to (susceptible to, liable to, prone to, vulnerable to, likely to suffer from, in danger of, at risk of) actions or facing probes (जाँच) by the Enforcement Directorate (प्रवर्तन निदेशालय) and the Income-Tax Department, and later these entities or their representatives (प्रतिनिधि) purchasing bonds. This is especially so for many donors who purchased these bonds that were later encashed by the ruling Bharatiya Janata Party (BJP).

That the top 19 firms — based on the cumulative (संचयी, जुड़ने वाला) size of donations made — went on to invariably (frequently, again and again, repeatedly, constantly, regularly, consistently) fund the BJP, besides (के अलावा, के अतिरिक्त) other parties, from mid-2019 to February 2024 (22 firms donated ₹100 crore or more in this period) also suggests (indicate, point to, imply, signify) that the bonds were a device (उपकरण) used to curry favour with (to try to benefit/gain advantage by praising someone excessively; to try to make someone like you; seek the favour of, try to win over, try to get on the good side of) the establishment (प्रतिष्ठान). The presence of a unique identifier for these bonds in the hands of (under the authority/control of) the SBI, which could allow it to keep an audit trail (a record of financial transactions) of transactions, and that the Finance Ministry had allowed certain bonds to be encashed even after their expiry date (within 15 days of the purchase date) showed that the scheme had also created undue (excessive, extreme, immoderate) advantage for the ruling party. It is clear that the bonds had skewed (change, distort, alter, misrepresent) campaign (canvassing, electioneering, an act of soliciting (asking for/requesting) votes; an organized effort that seeks to influence the decision-making progress within a specific group) and party financing heavily (very much) in the favour of (in the support of, to the advantage of) the ruling party, besides putting a veil over the unscrupulous (unprincipled, unethical, immoral, dishonest, untrustworthy, shameless, exploitative, corrupt, fraudulent, deceitful) motivations for the donations. It is now incumbent upon (binding, obligatory, mandatory, necessary) civil society (civil society refers to space for collective action around shared interests, purposes, and values, generally distinct from government and commercial for-profit actors. It refers to a wide array of organizations: community groups, non-governmental organizations [NGOs], labour unions, indigenous groups, charitable organizations, faith-based organizations, professional associations, and foundations. Civil society - sometimes called the “third sector” (after government and commerce) - has the power to influence the actions of elected policy-makers and businesses) to enlighten (inform, make aware, notify, let know, apprise, give details to, update) the electorate (all the people who entitled to vote in an election) about the scheme and to raise questions about the skewed (lopsided, uneven, distorted, unbalanced, one-sided, unequal, inequitable) nature of donations. This will just be the first step to cleansing (clean, purify, purge, rid of (something bad/unpleasant)) the system.

Courtesy: The Hindu

Important Word List With Meaning

1.sordid (adjective)

Hindi Meaning - घिनौना
English Meaning - dirty, unsavoury, disgusting, dishonest, shameful.

2.tranche (noun)

Hindi Meaning - अंश, श्रृंखला
English Meaning - part, section, portion (of something).

3.nearly (adverb)

Hindi Meaning - लगभग
English Meaning - almost, pretty much, pretty well.

4.picture (noun)

Hindi Meaning - तस्वीर, चित्र
English Meaning - concept, idea, view, notion, theory.

5.opaque (adjective)

Hindi Meaning - अस्पष्ट, अपारदर्शी
English Meaning - non-transparent, hidden, mysterious, unclear, blurred, murky.

6.indictment (noun)

Hindi Meaning - अभियोग, दोषारोपण
English Meaning - accusation, allegation, citation, charge.

7.propound (verb)

Hindi Meaning - प्रस्तुत करना, प्रतिपादन करना
English Meaning - submit, propose, put forward, suggest.

8.correlation (noun)

Hindi Meaning - सहसंबंध
English Meaning - connection, link, relationship, association, correspondence.

9.probe (noun)

Hindi Meaning - जाँच
English Meaning - investigation, search, inquiry.

10.Enforcement Directorate (ED) (noun)

Hindi Meaning - प्रवर्तन निदेशालय
English Meaning - Directorate of Enforcement is a specialized financial investigation agency under the Department of Revenue, Ministry of Finance, Government of India. It was established in the year 1956 with its Headquarters at New Delhi. It is responsible for enforcement of the Foreign Exchange Management Act, 1999 (FEMA) (Civil Law) and certain provisions under the Prevention of Money Laundering Act, 2002 (PMLA) (Criminal Law).

11.representative (noun)

Hindi Meaning - प्रतिनिधि
English Meaning - official, agent, spokesperson.

12.cumulative (adjective)

Hindi Meaning - संचयी, जुड़ने वाला
English Meaning - aggregate; accruing, collective, combined.

13.besides (preposition)

Hindi Meaning - के अलावा, के अतिरिक्त
English Meaning - apart from, other than, barring, excluding.

14.device (noun)

Hindi Meaning - उपकरण
English Meaning - trick, plan, method.

15.the establishment (noun)

Hindi Meaning - प्रतिष्ठान
English Meaning - the government, the regime, the authorities, the administration, the powers that be.

16.electoral bond (noun)

English Meaning - an electoral bond is designed to be a bearer instrument like a Promissory Note — in effect, it will be similar to a bank note that is payable to the bearer on demand and free of interest. It can be purchased by any citizen of India or a body incorporated in India. it allows limitless, secret donations to political parties, including (and especially) by corporations.

17.cronyism (noun)

English Meaning - favouritism, nepotism, patronage. Crony capitalism is a term describing an economy in which success in business depends on close relationships between business people and government officials.

18.encash (verb)

English Meaning - exchange, change something into money; convert something into cash.

19.prod (verb)

English Meaning - push, encourage, motivate, persuade, urge (someone who is unwilling/hesitant/slow to do something).

20.chunk (noun)

English Meaning - a significant/large amount of something; a thick, solid piece of something.

21.sought past and past participle of seek (verb)

English Meaning - ask for, request, appeal for, solicit.

22.on the other hand (phrase)

English Meaning - instead, alternatively, contrarily.

23.exercise (noun)

English Meaning - task, work.

24.cursory (adjective)

English Meaning - casual, brief, hurried, quick.

25.inefficacy (noun)

English Meaning - ineffectiveness, uselessness, helplessness.

26.opacity (noun)

English Meaning - opaqueness, non-transparency, obscurity, lack of clarity.

27.soundly (adverb)

English Meaning - completely, fully, entirely, utterly.

28.for one (phrase)

English Meaning - used to give an example of something.

29.infrastructure (noun)

English Meaning - the basic physical or organisational structure or framework that a country or organization needs in order to function properly. For a whole nation, it includes all the physical systems such as buildings, roads & railways networks, utilities, etc.

30.entity (noun)

English Meaning - organization, establishment, firm/company.

31.subject to (adjective)

English Meaning - susceptible to, liable to, prone to, vulnerable to, likely to suffer from, in danger of, at risk of.

32.go on to (phrasal verb)

English Meaning - continue, carry on, proceed.

33.invariably (adverb)

English Meaning - frequently, again and again, repeatedly, constantly, regularly, consistently.

34.suggest (verb)

English Meaning - indicate, point to, imply, signify.

35.curry favour with (phrase)

English Meaning - to try to benefit/gain advantage by praising someone excessively; to try to make someone like you; seek the favour of, try to win over, try to get on the good side of.

36.in the hands of (noun)

English Meaning - under the authority/control of.

37.audit trail (noun)

English Meaning - a record of financial transactions.

38.undue (adjective)

English Meaning - excessive, extreme, immoderate.

39.skew (verb)

English Meaning - change, distort, alter, misrepresent.

40.campaign (noun)

English Meaning - canvassing, electioneering, an act of soliciting (asking for/requesting) votes; an organized effort that seeks to influence the decision-making progress within a specific group.

41.heavily (adverb)

English Meaning - very much.

42.in the favour of (phrase)

English Meaning - in the support of, to the advantage of.

43.put/draw a veil over to (phrase)

English Meaning - to not talk about something; to not give any details on something; to avoid speaking about something; to hide something from public knowledge.

44.unscrupulous (adjective)

English Meaning - unprincipled, unethical, immoral, dishonest, untrustworthy, shameless, exploitative, corrupt, fraudulent, deceitful.

45.motivation (noun)

English Meaning - reason, grounds, motive, basis, rationale.

46.incumbent upon (adjective)

English Meaning - binding, obligatory, mandatory, necessary.

47.civil society (noun)

English Meaning - civil society refers to space for collective action around shared interests, purposes, and values, generally distinct from government and commercial for-profit actors. It refers to a wide array of organizations: community groups, non-governmental organizations [NGOs], labour unions, indigenous groups, charitable organizations, faith-based organizations, professional associations, and foundations. Civil society - sometimes called the “third sector” (after government and commerce) - has the power to influence the actions of elected policy-makers and businesses.

48.enlighten (verb)

English Meaning - inform, make aware, notify, let know, apprise, give details to, update.

49.electorate (noun)

English Meaning - all the people who entitled to vote in an election.

50.skewed (adjective)

English Meaning - lopsided, uneven, distorted, unbalanced, one-sided, unequal, inequitable.

51.cleanse (verb)

English Meaning - clean, purify, purge, rid of (something bad/unpleasant).