What is Electoral Bond: The Supreme Court has rendered a landmark verdict, invalidating the contentious Electoral Bond Scheme. In response to petitions challenging its legality, the apex court pronounced its judgment, deeming the scheme a violation of fundamental rights, particularly the right to information and freedom of expression. The ruling underscores a significant stride towards transparency in political funding.Call for Transparency and AccountabilityAddressing concerns over clandestine political financing, the Supreme Court has unequivocally asserted the imperative of transparency in electoral funding. The verdict highlights the inherent contradiction between curbing black money and upholding democratic principles. By dismantling the Electoral Bond Scheme, the court has reaffirmed its commitment to safeguarding the integrity of the electoral process.Directive to Disclose Electoral Bond DataIn a decisive move, the court has ordered the immediate cessation of electoral bonds. The State Bank of India (SBI) has been instructed to furnish comprehensive details of all contributions made through electoral bonds to the Election Commission by March 31. Furthermore, the Election Commission is mandated to disseminate this information on its website by April 13, ensuring public accessibility and accountability.Unanimous Consensus among JusticesChief Justice DV Chandrachud, along with his fellow justices, delivered a unanimous verdict, underscoring the collective conviction of the judiciary in this matter. The ruling signifies a resounding consensus on the legal invalidity of the electoral bond scheme, reflecting the judiciarys unwavering commitment to upholding constitutional values and principles.Unpacking the Electoral Bond SchemeInitiated by the Government of India in 2017 and formally implemented on January 29, 2018, the Electoral Bond Scheme introduced a novel mechanism for political donations. Essentially, electoral bonds functioned as financial instruments enabling anonymous contributions to political parties. Purchasable from designated branches of the State Bank of India, these bonds served as promissory notes, allowing donors to contribute to their chosen political entities discreetly.Mechanism and Controversies Surrounding Electoral BondsElectoral bonds, available in denominations ranging from Rs 1,000 to Rs 1 crore, could be purchased by individuals or corporations with KYC-compliant accounts. These bonds, valid for a brief period of 15 days, could only be utilised for donations to political parties meeting specific eligibility criteria. Despite claims of enhancing transparency, electoral bonds have faced vehement criticism for fostering opacity and facilitating potential misuse.Judicial Scrutiny and the Road AheadThe Supreme Courts intervention marks a pivotal juncture in the evolution of electoral financing laws in India. The legal scrutiny surrounding electoral bonds underscores the imperative of aligning electoral processes with democratic principles and constitutional mandates. As the nation navigates this critical phase, the verdict serves as a clarion call for comprehensive electoral reforms aimed at fortifying the democratic edifice.ConclusionIn nullifying the Electoral Bond Scheme, the Supreme Court has heralded a new era of accountability and transparency in political funding. The verdict resonates as a testament to the judiciarys unwavering commitment to upholding constitutional values and principles. As the nation embarks on the path of electoral reform, the apex courts verdict stands as a beacon of hope, heralding a future where transparency and integrity reign supreme in the electoral arena.
