SC To Announce Verdict On Constitutional Validity Of Electoral Bonds Scheme Tomorrow

The Supreme Court on Thursday will deliver its verdict on a batch of pleas challenging the legal validity of the Central government's Electoral Bond scheme which allows for anonymous funding to political parties.

A bench of Chief Justice of India DY Chandrachud with Justices Sanjiv Khanna, BR Gavai, JB Pardiwala and Manoj Misra had on November 2, 2023, reserved the judgement in the case.

While reserving the verdict, the apex court had directed the Election Commission of India to furnish the updated data of the funds received by all the political parties through Electoral Bonds till September 30, 2023.

An Electoral Bond is an instrument in the nature of a promissory note or bearer bond which can be purchased by any individual, company, firm or association of persons provided the person or body is a citizen of India or incorporated or established in India. The bonds are issued specifically for the purpose of contribution of funds to political parties.

The Centre in an affidavit had said that the methodology of the Electoral Bonds scheme are "completely transparent" mode of political funding and it is impossible to get black money or unaccounted money.

Various petitions are pending before the top court challenging amendments made to different statutes through Finance Act 2017 and Finance Act 2016 on the ground that they have opened doors to unlimited, unchecked funding of political parties.

NGOs Association of Democratic Reforms and Common Cause had said that the Finance Bill, 2017, which paved the way for the introduction of the Electoral Bond scheme, was passed as a money bill even though it wasn't.

(ANI)