The Supreme Court on Thursday ordered the State Bank of India (SBI) to disclose details of electoral bonds encashed by political parties, including date and denomination. The court said that the SBI would be submitting details of political parties that received contributions through electoral bonds since April 12, 2019, to date to the Election Commission.
Further, the Supreme Court directed the Election Commission to publish all the details on its website by 31 March 2024.
In one of the biggest verdicts in India's judicial system, the Supreme Court of India on Thursday struck down the validity of a controversial political funding tool just months before elections, delivering a major blow to the central government.
Pronouncing the verdict, the CJI said the scheme is violative of freedom of speech and expression under Article 19(1)(a) of Constitution.
The SC scrapped the Electoral Bond Scheme in a unanimous decision and directed the State Bank of India to stop issuing the electoral bonds.
Chief Justice of India DY Chandrachud said the Electoral Bond Scheme is violative of freedom of speech and expression under Article 19(1)(a) of the Constitution.
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 in political funding.
According to the provisions of the scheme, electoral bonds may be purchased by any citizen of India or entity incorporated or established in the country.
An individual can buy electoral bonds, either singly or jointly with other individuals without disclosing the identity.
Critics have said this eliminates transparency in electoral funding and gives an edge to the ruling parties.
