The Supreme Court held a hearing on Thursday regarding the Electoral Bond scheme, asserting that it violates the right to information under Article 19(1)(a). The court emphasized the relevance of political parties in the electoral process, stating that information about funding is crucial for electoral choices. Furthermore, the court unanimously delivered a verdict challenging the legal validity of the scheme, which allows anonymous funding to political parties.
Introduced by the government on January 2, 2018, Electoral Bonds have been in circulation for over five years. Despite this, many people still lack comprehensive information about them, often confusing them with investment bonds. The Supreme Court’s decision addresses petitions challenging the scheme’s legal validity, specifically the provision allowing undisclosed funding to political parties.
So, what exactly is an Electoral Bond?
Electoral Bonds are created by the Central government to streamline political party funding during elections. The government claimed that Electoral Bonds were introduced to enhance transparency in political funding, requiring each political party to maintain a detailed account of the funds received.
Where can one acquire Electoral Bonds?
Electoral Bonds, also known as the “Electoral Bonds Scheme,” can be obtained from selected branches of the State Bank of India. These branches are located in various cities, including New Delhi, Gandhinagar, Chandigarh, Bangalore, Hyderabad, Bhubaneswar, Bhopal, Mumbai, Jaipur, Lucknow, Chennai, Kolkata, and Guwahati.
Can anyone purchase Electoral Bonds?
Yes, any Indian citizen, company, or organization can buy Electoral Bonds for contributing to political party funds. The bonds are available in denominations ranging from one thousand to one crore rupees. Purchasers can then donate these bonds to any political party of their choice through the State Bank of India.
Donor anonymity:
A distinctive feature of Electoral Bonds is the donor’s anonymity. When an individual or organization purchases these bonds, their identity remains undisclosed to the public and the political parties receiving the funds. However, the government and the bank ensure the validity of funding sources, maintaining records of purchaser details for auditing purposes.
