Update (February 15, 11:19 AM): Supreme Court holds Electoral Bonds scheme is violative of Article 19(1)(a) and unconstitutional. Supreme Court strikes down Electoral Bonds scheme. Supreme Court says Electoral Bonds scheme has to be struck down as unconstitutional.Supreme Court holds Electoral Bonds scheme is violative of Article 19(1)(a) and unconstitutional. Supreme Court strikes down Electoral Bonds scheme. Supreme Court says Electoral Bonds scheme has to be struck down as unconstitutional. https://t.co/T0X0RhXR1N pic.twitter.com/aMLKMM6p4M— ANI (@ANI) February 15, 2024The top court said that it has delivered a unanimous verdict on a batch of pleas challenging the legal validity of the Central governments Electoral Bond scheme which allows for anonymous funding to political parties.SC to deliver verdict on pleas challenging Electoral BondsThe Supreme Court on Thursday is expected to rule on a number of petitions contesting the legality of the Electoral Bond program, which permits political parties to receive anonymous funding.A five-judge Constitution bench led by Chief Justice D Y Chandrachud reserved its decision in the case, on November 2, of last year.As part of initiatives to increase openness in political fundraising, the government announced the program on January 2, 2018, and it was positioned as an alternative to financial contributions given to political parties.The Centre in an affidavit asserted that the approach of the Electoral Bonds scheme is completely transparent mode of political funding and makes it impossible to get black money or unaccounted money.What is an electoral bondIt is an instrument similar to a promissory note or bearer bond which any person, business, association, or corporation that is 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.Who are eligible to receive electoral bondsAs per the provisions of the Centres scheme, only the political parties registered under Section 29A of the Representation of the People Act, 1951 and which secured not less than 1% of the votes polled in the last elections to the Lok Sabha or a state legislative assembly are eligible to receive electoral bonds.
