Delivering the verdict on the validity of the electoral bonds, the Supreme Court ruled that the anonymous electoral bonds scheme is violative of Article 19(1)(a) and the Right to Information Act.
BREAKING: SBI has to disclose information on electoral bonds issued and cashed out, and share with the ECI within three weeks. It will also be made public on its website, SC says #SupremeCourtofIndia
— LawBeat (@LawBeatInd) February 15, 2024
The 5-judge bench ruled that the Electoral bonds scheme has to be struct down as unconstitutional.
The judgment was delivered by a 5-judge bench of Chief Justice of India (CJI) DY Chandrachud, Justices Sanjiv Khanna, BR Gavai, JB Pardiwala & Manoj Misra. The bench delivered two separate but unanimous verdicts.
The Supreme Court has called for the disclosure of funding to political parties “as it curbs corruption whereas non-disclosure affects exercise of electoral vote”.
The CJI while pronouncing the judgment, stated that the Union of India had “failed to establish least restrictive measures of the Electoral bonds scheme for political funding.”
The bench ruled that the Electoral Bonds Scheme vis a vis the Companies Act, Finance Act and Representation of the People’s Act is violative of Article 19(1)(a).
In this context, the Supreme Court directed banks to stop the issuance of Electoral Bonds and ordered the State Bank of India (SBI) to disclose information on electoral bonds issued and cashed out and share it with the ECI within three weeks.
The ECI has been ordered to publish the said details on the website by 31st March 2024.
