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Business News/ News / India/  SC directs electoral bonds issue to be listed before Constitution bench on October 30
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SC directs electoral bonds issue to be listed before Constitution bench on October 30

The Supreme Court of India directed petitions challenging electoral bonds issue to be listed before a Constitution bench of five judges on October 30.

SC directs electoral bonds issue to be listed before Constitution bench on October 30. Premium
SC directs electoral bonds issue to be listed before Constitution bench on October 30.

The Supreme Court of India on Monday directed the petitions challenging electoral bonds issue to be listed before a Constitution bench of five judges on October 30. The decision was taken in view of the importance of the issue raised in the matter. 

A bench of Chief Justice of India DY Chandrachud with Justices JB Paridwala and Manoj Misra has earlier said it will hear the arguments in the case on October 31 and if the hearing does not conclude on that day, it will continue on November 1 as well.

"Petitioner's counsel and Attorney General have made preliminary submissions. Compilations have been filed. If further submissions are to be made, it is to be filed by October 27. Soft copies are to be compiled by nodal counsel. Matter to be listed for final hearing on October 31 and should there be a spill over it shall continue till November 1," the bench said in its order.

An Electoral Bond is an instrument in the nature of a promissory note or bearer bond which can be purchased by any individual, company, firm, or association of persons provided the person or body is a citizen of India or incorporated or established in India. 

The bonds are issued specifically for the purpose of contributing funds to political parties. 

In October last year, the Centre in an affidavit had said that the methodology of the Electoral Bonds Scheme is a "completely transparent" mode of political funding and it is impossible to get black money or unaccounted money.

Various petitions are pending before the top court challenging amendments made to different statutes through the Finance Act 2017 and Finance Act 2016 on the ground that they have opened doors to "unlimited, unchecked funding" of political parties.

NGOs - Association of Democratic Reforms and Common Cause - have said that the Finance Bill, 2017, which paved the way for the introduction of the Electoral Bond Scheme, was passed as a money bill even though it did not qualify to be so.

 

(With inputs from agencies)

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Published: 16 Oct 2023, 11:22 AM IST
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