New Delhi: According to Bar and Bench, the Supreme Court of India announced on Tuesday that it will hear the case challenging the legislation allowing the issuing of electoral bonds.
Advocate Prashant Bhushan raised the issue before Chief Justice of India (CJI) NV Ramana.
“It has been reported today morning that Calcutta based company has paid ₹40 crores through electoral bonds to stop excise rate. It is distorting democracy,” Bhushan said.
“If it was not for COVID etc then I would have heard all of this,” CJI Ramana said.
“It is critical,” said Bhushan
“Yes, we will hear it,” the CJI assured.
An electoral bond is a promissory note that can be purchased from specified State Bank of India branches by any Indian person or company formed in India. The citizen or business can subsequently donate the funds to any eligible political party of his or her choosing. The bonds are similar to bank notes in that they are non-interest bearing and receivable to the bearer on demand. Individuals or parties will be able to buy these bonds digitally or with a check.
With the passage of the Finance Bill, electoral bonds were introduced (2017). The Electoral Bond Scheme 2018 was announced by the Narendra Modi-led NDA government on January 29, 2018.
The Supreme Court ordered all political parties to provide information of funds received through electoral bonds to the ECI on April 12, 2019. It also requested that the Finance Ministry cut the 10-day window for purchasing electoral bonds to five days. The Supreme Court has not set a date for hearing other petitions challenging the electoral bonds.
On April 10, 2019, the Election Commission told India’s Supreme Court that while it was not opposed to the Electoral Bonds Scheme, it did not approve of anonymous payments to political parties.
“We are not opposed to electoral bonds…but want full disclosure and transparency. We are opposed to anonymity,” Senior Advocate Rakesh Dwivedi, appearing for the poll panel told the apex court. The poll panel’s submissions came during a hearing on bunch of pleas challenging the validity of electoral bonds in the apex court.
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