Supreme Court's Big Verdict On Electoral Bonds Scheme Today
NDTV
Electoral bonds serve as a financial instrument allowing individuals and businesses to contribute funds to political parties discreetly, without revealing their identities.
The Supreme Court will today pronounce its verdict on a set of petitions challenging the validity of the electoral bonds scheme. A five-judge Constitution bench, led by Chief Justice DY Chandrachud, reserved its verdict on November 2 last year. The electoral bonds scheme, introduced by the government on January 2, 2018, was seen as a solution to replace cash donations and enhance transparency in political funding.
Electoral bonds serve as a financial instrument allowing individuals and businesses to contribute funds to political parties discreetly, without revealing their identities. Under the provisions of the scheme, any citizen of India or entity incorporated or established in the country can purchase electoral bonds. These bonds are available in various denominations, ranging from Rs 1,000 to Rs 1 crore, and can be obtained at all branches of the State Bank of India (SBI). These donations are also interest-free.
One of the key features of electoral bonds is the anonymity they provide to donors. When individuals or organisations purchase these bonds, their identities are not disclosed to the public or the political party receiving the funds. However, the government and the bank maintain a record of the purchaser's details for auditing purposes, ensuring the legitimacy of funding sources.
