Supreme Court Invalidates Electoral Bond, Declares It Unconstitutional
The Supreme Court declared the electoral bonds scheme unconstitutional on Thursday. The ruling, delivered by a five-judge Constitution Bench headed by Chief Justice of India DY Chandrachud, brings an end to a controversial method of political funding that has been under intense scrutiny since its inception.
The apex court directed the State Bank of India (SBI), the issuing bank, to immediately halt the issuance of electoral bonds. Furthermore, it ordered SBI to furnish the Election Commission of India (ECI) with comprehensive records of all electoral bond contributions received by political parties from the scheme's inception in 2019 until the present.
SBI has been given a timeframe of three weeks to provide the ECI with detailed information. Upon receipt of this data, the ECI is mandated by the Supreme Court to publish the details on its official website, ensuring transparency and public accessibility.
"The State Bank of India shall disclose the particulars of donations made through electoral bonds and the recipient political parties. Additionally, SBI must disclose information regarding the electoral bonds encashed by political parties. This data should be submitted to the ECI, which in turn is required to publish it on its website by March 31, 2024," stated the Chief Justice.
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