Why it is in the News?
The Supreme Court of India declared the Electoral Bond Scheme unconstitutional because it violated the right to information under Article 19(1)(a) of the Constitution. This landmark judgment was made on February 15, 2024, striking down a scheme that had been in effect since its introduction by the Ministry of Finance in 2018. The scheme allowed individuals and corporations to donate anonymously to political parties through bonds purchased from specified branches of the State Bank of India. The anonymity clause of the scheme raised significant concerns regarding transparency and accountability in political funding, leading to legal challenges and public debate.
Electoral Bonds Scheme Unconstitutional: Supreme Court
Electoral Bonds Scheme Unconstitutional: The Supreme Court strikes down the anonymous poll funding system or the Electoral Bonds Scheme on 15th February 2024 at 10:30 AM. In this landmark verdict, the Supreme Court clearly states that the Electoral Bonds Scheme is “Unconstitutional” in nature as it violates the right to information under Article 19(1)(a). The particular scheme was announced in the Union Budget speech for the very first time by the Union Finance Minister Late Arun Jaitley in 2017.
In this verdict, Chief Justice of India D Y Chandrachud ordered that the banks should stop selling electoral bonds with immediate effect. They also told the State Bank of India to give a detailed report to the Election Commission of India detailing all the electoral bonds that were sold from April 12, 2019, till now.
In this article, we are going to discuss the Electoral Bonds Scheme with its history, features, and related loopholes in detail. We will also cover the news of the Electoral Bonds Scheme which is struck down by the Supreme Court of India.
Table of Content
- What is the Electoral Bond Scheme?
- Why it is in the News?
- Electoral Bonds – Overview
- Supreme Court struck down the Electoral Bonds Scheme
- Key Observations and Directions Of Supreme Court
- Effects – Electoral Bonds Scheme Unconstitutional : Supreme Court
- Concerns Related to the Electoral Bonds Scheme
- Transaction Toll Through Electoral Bonds Scheme – Party Wise
- Electoral Bonds Scheme – Data Released by the Election Commission of India
- Top 10 Regional Parties Income (₹) in FY 2021-22 (Unknown Sources)
- Electoral Bonds – Bond Numbers