Electoral Bonds Case: SC Scraps Scheme, Upholds Citizens’ Right To Know

Electoral Bond Scheme Verdict Highlights: The Supreme Court on Thursday nullified the electoral bond scheme, saying it goes against the right to information and the freedom of speech and expression guaranteed by the Constitution.

New Delhi: The Supreme Court on Thursday nullified the electoral bond scheme, saying it goes against the right to information and the freedom of speech and expression guaranteed by the Constitution. The court, in a landmark judgement that will have far-reaching consequences, ordered the State Bank of India to reveal to the Election Commission the names of the donors to the scheme that was launched six years ago.

A five-judge Constitution bench led by Chief Justice D Y Chandrachud gave two separate and unanimous verdicts on the petitions challenging the scheme, dealing a huge setback to the central government. Announcing the verdict, the CJI said the scheme violates the freedom of speech and expression under Article 19(1)(a) of Constitution.

The bench said the fundamental right to privacy also covers citizens’ right to political privacy and affiliation. It also declared as invalid the amendments made in various laws, including the Representation of Peoples Act and the Income Tax laws.

It instructed that the issuing bank shall stop issuing electoral bonds and the State Bank of India shall provide details of electoral bonds bought since April 12, 2019 till date to the Election Commission.

The top court had on November 2 last year concluded its verdict in the matter. The scheme, which was announced by the government on January 2, 2018, was proposed as an alternative to cash donations made to political parties as part of efforts to bring transparency in political funding.

According to the provisions of the scheme, electoral bonds may be bought by any citizen of India or entity incorporated or established in the country. An individual can buy electoral bonds, either singly or jointly with other individuals without disclosing the identity.

Critics have said this removes transparency in electoral funding and gives an advantage to the ruling parties.

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15 February 2024

12:12 IST

Electoral Bonds LIVE Updates: Prashant Bhushan Says This On Verdict

Lawyer Prashant Bhushan commented on the SC verdict on the EB scheme, saying that it was a very important decision that would impact the electoral system of the country. He said that the SC had nullified the EB scheme and all the related amendments in the tax and corporate laws. He said that the SC had ruled that the scheme infringed on the basic right of the people to know the source of funding for political parties.

11:45 IST

Electoral Bonds Case  LIVE: ECI To Furnish Details By March 13

Correction: ECI will make the information of electoral bonds purchase public on its website by March 13, 2024 (because of a typing error, the date was previously stated as March 31).

11:33 IST

Electoral Bonds Case Live Updates: Justice Khanna Agrees With CJI's Judgement

"I agree with the judgment of CJI. I have also applied the principles of proportionality but with slight variation. But the conclusions are the same," Justice Sanjiv Khanna starts pronouncement.

11:16 IST

Electoral Bonds Case LIVE: SC Asks SBI To Furnish Details Bonds

SBI has to provide the information of electoral bonds redeemed by the political parties. SBI has to give the information to the ECI by March 6. ECI has to make the information public on the website by March 31, 2024.

11:10 IST

Electoral Bonds Case LIVE Updates: SC Asks Banks To Stop Issuing Bonds

Supreme Court orders that banks to forthwith stop issuing Electoral Bonds.

11:05 IST

Electoral Bonds Case LIVE Updates | 'Unconstitutional': SC Strikes Down Scheme

Supreme Court Strikes Down Electoral Bond Scheme.

10:58 IST

Electoral Bonds Case LIVE Updates: CJI Calls 'Scheme Unconstitutional'

CJI Chandrachud says, "Electoral bonds scheme has to be struck down as unconstitutional."

10:49 IST

Electoral Bond Case LIVE Updates: CJI Chandrachud Reads Judgement 

Supreme Court holds that anonymous electoral bonds are violative of right to information and Article 19(1). "Political contributors get access...this access leads to policy making...because of nexus between money and voting," SC Said.

10:45 IST

Electoral Bond Case LIVE Updates: Bench Assembles

5-Judge Bench Led By CJI Chandrachud assembles. Justices Sanjiv Khanna, BR Gavai, JB Pardiwala & Manoj Misra are the other four judges to deliver the judgment.

10:38 IST

Electoral Bonds Case LIVE: Judges Yet To Arrive

The top law officers of the government, R Venkataramani and Tushar Mehta, along with lawyers Prashant Bhushan, Shadan Farasat and others are in the court room.

10:29 IST

Electoral Bond Scheme Verdict LIVE: SC Judgement Soon 

The Supreme Court's judgement on the Electoral Bonds case is expected to arrive shortly, at 10.30 am.

10:20 IST

Electoral Bond Scheme Verdict LIVE: CPIM Expects Scrapping Of Scheme

Sitaram Yechury, the general secretary of the Communist Party of India (Marxist), on Tuesday compared the electoral bond scheme to the “legalisation of political Corruption” and expressed his hope that the Supreme Court would quickly pronounce its judgment on petitions to abolish the scheme.

10:12 IST

SC Verdict LIVE Updates: Why Did Govt Bring Electoral Bonds Scheme?

The scheme was pitched as an alternative to cash donations made to political parties as part of efforts to bring in transparency in political funding. The Centre in an affidavit had said that the methodology of the Electoral Bonds scheme are "completely transparent" mode of political funding and it is impossible to get black money or unaccounted money.

10:06 IST

SC Judgement On Electoral Bonds LIVE: How Much Did Congress Earn Through Bonds?

The Congress earned Rs 171 crore from electoral bonds in 2022-23, down from Rs 236 crore in 2021-22.

10:02 IST

Electoral Bonds Verdict LIVE Updates: How Much Money BJP Received In 22-23?

The ruling BJP received nearly Rs 1,300 crore through electoral bonds in 2022-23. The party's total contributions stood at Rs 2,120 crore in the 2022-23 fiscal, of which 61 per cent came from electoral bonds, according to the BJP's annual audited report submitted to the Election Commission.

09:58 IST

Electoral Bonds Judgement LIVE: When Was The Scheme Launched?

Introduced in January 2018, electoral bonds are monetary instruments that citizens or corporate groups can buy from a bank and give to a political party, which is then free to redeem the same for money.

09:53 IST

Electoral Bonds Scheme LIVE Updates: Who Are The Petitioners?

The amendments made by the Finance Act 2017 that enabled the electoral bonds scheme are being challenged by the petitioners - Association for Democratic Reforms (ADR), Communist Party of India (Marxist), Dr Jaya Thakur.

09:50 IST

SC Verdict On Electoral Bond LIVE: What Is An Electoral Bond?

An Electoral Bond is a document that resembles a promissory note or a bearer bond, which can be bought by any individual, company, firm or association of persons, as long as the person or entity is a citizen of India or registered or established in India. The bonds are issued specifically for the purpose of donating funds to political parties.

09:47 IST

Electoral Bonds Case LIVE Updates: Verdict At 10.30 AM

Supreme Court to pronounce judgment on the validity of the electoral bonds at 10.30 AM today. A 5-judge bench of CJI DY Chandrachud, Justices Sanjiv Khanna, BR Gavai, JB Pardiwala & Manoj Misra will deliver the judgment.