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New Delhi: The Supreme Court Of India is all set to deliver its verdict on a batch of pleas challenging the validity of the Electoral Bond Scheme announced by the Central government that allows for anonymus funding to political parties.A bench led by CJI DY Chandrachud along with Justice Sanjiv Khanna, Justice BR Gavai, Justice JB Pardiwala and Justice Manoj Misra reserved its judgement on the case on November 2, 2023.
While reserving the judgement, the court directed the Election Commission Of India to present and updated record of the funds recieved by all the political parties till September 30, 2023.
An electoral bond is an instrument similar to a promissory note or bearer bond. Any business, association, or corporation that is of an Indian citizen or that has been formed or founded in India is eligible to purchase an electoral bond. The bonds are issued expressly to allow for financial contributions to political parties.
In its affidavit, the Center stated that there is no way to obtain “black money” or unaccounted money through the Electoral Bonds program’s “completely transparent” funding mechanism.
The Supreme Court is currently considering a number of petitions contesting changes made to various statutes by the Finance Acts of 2016 and 2017, arguing that these changes have allowed political parties to receive unrestricted, limitless funding.
The Finance Bill, 2017, which opened the door for the introduction of the Electoral Bond scheme, was passed as a money bill even though it wasn’t, according to NGOs Association of Democratic Reforms and Common Cause.
(With inputs from agencies)
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