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In a significant and unanimous decision, the Supreme Court of India declared the electoral bonds scheme as “unconstitutional” on Thursday. The scheme, introduced by the central government, allowed for anonymous funding to political parties, sparking widespread debate on transparency and accountability in the electoral process.
Headed by Chief Justice DY Chandrachud, a five-judge Constitution bench delivered the verdict on a batch of pleas challenging the legal validity of the electoral bond scheme. The court held that the anonymity provided by the scheme violates the right to information enshrined under Article 19(1)(a) of the Indian Constitution. This decision comes after the bench reserved its verdict on November 2 of the previous year, signaling the thorough examination of the matter.
The apex court emphasized the crucial role of political parties in the electoral process and underscored the necessity of transparency in funding for making informed electoral choices. Consequently, the court directed the State Bank of India (SBI), the designated issuer of electoral bonds, to cease further issuance of these bonds.
The ruling deals a blow to the Bharatiya Janata Party (BJP), which has been the primary beneficiary of the electoral bond system since its inception in 2017. Under the provisions of the scheme, any Indian citizen or entity incorporated within the country could purchase these bonds either individually or jointly. However, only political parties meeting specific criteria, such as securing at least 1% of the votes polled in the previous elections, were eligible to receive electoral bonds.
Electoral bonds, as outlined in the scheme, were to be encashed exclusively by eligible political parties through designated bank accounts. Despite legal challenges and concerns raised by various quarters, the scheme remained operational until the recent Supreme Court verdict.
It’s worth noting that in April 2019, the apex court had declined to stay the electoral bonds scheme. However, it expressed the intent to conduct a comprehensive hearing on the matter, recognizing the significant implications it held for the integrity of the electoral process in India.
The Supreme Court’s decision to strike down the electoral bonds scheme marks a pivotal moment in Indian electoral politics, signaling a renewed commitment to transparency and accountability in political funding. As the country prepares for upcoming elections, this verdict underscores the imperative of safeguarding the democratic principles upon which the nation’s governance rests.
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