New Dehli: In a landmark judgment, the Supreme Court of India has declared the electoral bond scheme unconstitutional, marking a significant turn in the transparency of political funding. The apex court's decision comes after the State Bank of India (SBI) submitted a detailed affidavit outlining the purchase and redemption of electoral bonds from April 1, 2019, to February 15, 2024.
The affidavit revealed that a total of 22,217 electoral bonds were purchased, and 22,030 were redeemed by political parties within the specified period. This disclosure was in compliance with the Supreme Court's directive, which sought a transparent account of political donations through the electoral bond mechanism.
The electoral bond scheme, introduced in 2018, allowed individuals and corporations to anonymously donate to political parties. However, the scheme faced criticism for its lack of transparency and potential misuse. The Supreme Court's ruling emphasized the importance of transparency in political donations, citing it as a fundamental aspect of the freedom of speech and expression under Article 19(1)(a) of the Constitution.
The SBI, designated as the sole issuer of electoral bonds, was directed to furnish the details of the bonds to the Election Commission of India (ECI). The bank complied with the order, providing names of purchasers, denominations, dates of purchase and encashment, and the names of political parties that received the donations.
The judgment has been hailed as a victory for democracy and a step towards cleansing the electoral process in India. The Supreme Court's decision is expected to have far-reaching implications on the funding of political parties and the conduct of elections in the country.
The ECI is set to publish the details provided by the SBI on its website, ensuring public access to information on political funding. This move is anticipated to bring greater accountability to the electoral process and empower citizens with the knowledge of who funds their political representatives.
The Supreme Court's verdict underscores the judiciary's role in upholding the principles of transparency and accountability in the democratic framework. It also sets a precedent for future regulations on political donations, potentially paving the way for more reforms in electoral financing.
