News Brief
Supreme Court Set To Deliver Verdict On Pleas Challenging Validity Of Electoral Bonds Scheme For Political Funding
500 rupee currency notes (representative image).
The Supreme Court is set to deliver its verdict on a batch of pleas challenging the legal validity of Electoral Bonds scheme.
A five-judge Constitution bench, led by Chief Justice D Y Chandrachud, reserved its verdict on 2 November last year.
The electoral bonds scheme, introduced by the government on January 2, 2018, was seen as a solution to replace cash donations and enhance transparency in political funding.
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Electoral bonds are financial instruments that individuals or corporate entities can purchase from a bank and present to a political party, which can subsequently redeem them for funds.
The electoral bond allows allowing individuals and businesses to contribute funds to political parties discreetly, without revealing their identities.
However, the government and the bank maintain a record of the purchaser's details for auditing purposes, ensuring the legitimacy of funding sources.
These bonds are available in various denominations, ranging from Rs 1,000 to Rs 1 crore, and can be obtained at all branches of the State Bank of India (SBI). These donations are also interest-free.
During the proceedings, Solicitor General Tushar Mehta, representing the Centre, asserted that the Electoral Bond scheme ensures fair usage of funds for political purposes through proper banking channels.
He emphasised the need to maintain the confidentiality of donor identities to protect them from potential retribution by political parties.
The petitioners argued that electoral bonds scheme defeats the citizen's right to be informed about the sources of funding of political parties which is a fundamental right under Article 19(1)(a) of the Constitution.
Appearing for the petitioners, senior advocate Prashant Bhushan had said last year that the "opaque" and "anonymous instrument" promotes corruption.
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