9 months ago
23
The Supreme Court today struck down the electoral bonds scheme which had been brought in 2018 as an alternative to cash donations made to political parties to bring transparency in political funding.
Here are the major remarks by Supreme Court on electoral bonds:
- Electoral bonds scheme has to be struck down as unconstitutional. It violates the right to information of citizens, about possible quid pro quo.
- The issuing bank shall forthwith stop the issue of electoral bonds. The State Bank of India shall furnish the details of donations through electoral bonds and the details of the political parties which received the contributions.
- Financial contributions to political parties are made for two parties - for support to political party, or contribution may be way of quid pro quo.
- Not all political contributions are made with the intent to alter public policy. Students, daily wagers etc also contribute. To not grant umbrella of privacy to political contributions only because some contributions are made for other purposes is not impermissible.
- A company has more graver influence on the political process than contributions by individuals. Contributions by companies are purely business transactions. Amendment to Section 182 Companies Act is manifestly arbitrary for treating companies and individuals alike.
- Electoral bonds scheme is not the only scheme to curb black money. There are other alternatives.
English (US) ·