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Supreme Court delivers landmark verdict striking down electoral bonds scheme as 'unconstitutional'. Uncover the four major points on which the Court disagreed with the Union government's arguments. Get insights on the implications and the future of political funding in India.
In his written submissions in the challenge to the legal validity of electoral bonds, SGI Mehta emphasized that the scheme aims to balance the need for transparency and the need to safeguard the confidentiality of donors
The scheme, which was notified by the government on January 2, 2018, was pitched as an alternative to cash donations made to political parties as part of efforts to bring transparency to political funding.
The 28th tranche of electoral bonds will open on October 4, with predictions that 90% of donations will go to the BJP
WHAT IS AN ELECTORAL BOND Electoral Bond An electoral bond is like a promissory note that can be bought by any Indian citizen or company incorporated in India from select branches of State Bank of India. The citizen or corporate can then donate the same to any eligible political party of his/her choice. The bonds are similar to bank notes that are payable to the bearer on demand and are free of interest. An individual or party will be allowed to purchase these bonds digitally or through cheque. The electoral bonds were introduced with the Finance Bil...