Electoral Bonds – Overview
Here is a general overview of the Electoral Bonds Scheme as mentioned below.
Electoral Bonds – Overview |
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Denominations Possible |
INR 1,000, INR 10,000, Rs 1 lakh INR, Rs 10 lakh INR, and Rs 1 crore INR |
Payable |
To the bearer on demand, interest-free |
Purchasers |
Indian citizens or organizations established in India |
Joint Purchase |
Was Possible, with other individuals |
Validity Period |
15 days from the issue date |
Authorized Issuer |
State Bank of India (SBI) |
Branches Issuing Bonds |
Designated SBI branches |
Eligible Political Parties |
Those parties were already registered under Section 29A of the Representation of the People Act, 1951. Those who were secured not less than 1% of votes polled in the last general election to the House of the People or Legislative Assembly. |
Purchase Methods |
Digitally or through cheques only |
Encashment |
Only through the authorized bank account of that particular political party |
Transparency Measures |
Parties must share their official bank account with the Election Commission of India (ECI). Donations made through banking channels for transparency. Required to explain political fund utilization. |
Benefits Were |
Enhanced transparency, accountability in donation and their utilization, less dependency of cash transactions, preservation of donor anonymity. |
Electoral Bonds Scheme Unconstitutional: Supreme Court
Electoral Bonds Scheme Unconstitutional: The Supreme Court strikes down the anonymous poll funding system or the Electoral Bonds Scheme on 15th February 2024 at 10:30 AM. In this landmark verdict, the Supreme Court clearly states that the Electoral Bonds Scheme is “Unconstitutional” in nature as it violates the right to information under Article 19(1)(a). The particular scheme was announced in the Union Budget speech for the very first time by the Union Finance Minister Late Arun Jaitley in 2017.
In this verdict, Chief Justice of India D Y Chandrachud ordered that the banks should stop selling electoral bonds with immediate effect. They also told the State Bank of India to give a detailed report to the Election Commission of India detailing all the electoral bonds that were sold from April 12, 2019, till now.
In this article, we are going to discuss the Electoral Bonds Scheme with its history, features, and related loopholes in detail. We will also cover the news of the Electoral Bonds Scheme which is struck down by the Supreme Court of India.
Table of Content
- What is the Electoral Bond Scheme?
- Why it is in the News?
- Electoral Bonds – Overview
- Supreme Court struck down the Electoral Bonds Scheme
- Key Observations and Directions Of Supreme Court
- Effects – Electoral Bonds Scheme Unconstitutional : Supreme Court
- Concerns Related to the Electoral Bonds Scheme
- Transaction Toll Through Electoral Bonds Scheme – Party Wise
- Electoral Bonds Scheme – Data Released by the Election Commission of India
- Top 10 Regional Parties Income (₹) in FY 2021-22 (Unknown Sources)
- Electoral Bonds – Bond Numbers