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In a landmark verdict, the Supreme Court has declared the electoral bonds scheme unconstitutional, citing it as arbitrary and in violation of Article 14 of the Constitution.
The scheme, introduced in 2017, allowed for anonymous funding to political parties, but the court deemed the changes made in the law for its implementation as unconstitutional. The bench directed the State Bank of India (SBI), the issuing bank, to immediately halt the issuance of electoral bonds and ordered the submission of details of all bonds purchased since April 12, 2019, to the Election Commission of India (ECI).
Additionally, the court mandated the disclosure of political parties that have received contributions through electoral bonds, emphasizing transparency in the electoral process.
The court highlighted the disproportionate influence of corporations in political funding, underscoring the need to curb corruption and maintain political equality. Notably, the amendment allowing unlimited corporate contributions was deemed arbitrary, failing to distinguish between profit-making and loss-making companies.
SBI has been instructed to furnish comprehensive details of electoral bonds purchased and encashed by political parties, to be shared with the ECI for public disclosure, ensuring accountability and transparency in political financing.Supreme Court Strikes Down Electoral Bonds Scheme
