Today, the Supreme Court is set to deliver its verdict on a series of petitions challenging the legitimacy of the electoral bonds scheme. Led by Chief Justice DY Chandrachud, a five-judge Constitution bench, which reserved its verdict on November 2 last year, will address this pivotal issue. Introduced by the government on January 2, 2018, the electoral bonds scheme aimed to replace cash donations and enhance transparency in political funding.
Electoral bonds function as a financial tool enabling individuals and corporations to donate funds to political parties anonymously, safeguarding their identities. These bonds, available in denominations ranging from ₹1,000 to ₹1 crore, can be purchased by any citizen of India or entity incorporated within the country at State Bank of India (SBI) branches. Notably, these donations are interest-free.
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Anonymity is a key feature of electoral bonds. Donors’ identities remain undisclosed to the public and the receiving political party, although the government and the bank retain purchaser details for auditing purposes, ensuring funding legitimacy. Last year, ahead of the November hearing, Attorney General R Venkataramani argued that the Constitution doesn’t guarantee citizens an absolute right to information regarding the source of political funding via electoral bonds. He contended that the scheme promotes transparency and clean money in elections.
The electoral bonds scheme stipulates that only political parties registered under Section 29A of the Representation of the People Act, 1951, and those securing at least 1 percent of the votes in the last Lok Sabha or state legislative assembly elections are eligible to receive these bonds. Furthermore, eligible political parties can only encash these bonds through a designated bank account, as specified in the notification.
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In April 2019, the Supreme Court declined to stay the electoral bonds scheme, citing the need for a comprehensive hearing due to the “weighty issues” raised by the Centre and the Election Commission. The current Constitution bench, comprising Justices Sanjiv Khanna, BR Gavai, JB Pardiwala, and Manoj Misra, commenced hearing arguments on October 31 last year. The petitions included those filed by Congress leader Jaya Thakur, the Communist Party of India (Marxist), and the NGO Association for Democratic Reforms (ADR).
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