Supreme Court Declares Electoral Bonds Scheme Unconstitutional, Orders SBI to Stop Issuance
In a landmark judgment, the Supreme Court of India has struck down the Electoral Bonds Scheme, deeming it unconstitutional. The court, in its verdict delivered on Thursday, February 15th, ruled that the anonymity provided by the scheme violates the right to information enshrined in Article 19(1)(a) of the Constitution. This decision brings to an end the controversial scheme which was introduced by the government in 2017 to curb anonymous political donations.
Key Points of the Judgement:
- The court held that the anonymity aspect of electoral bonds undermines transparency and accountability in political funding, thereby impacting a free and fair election process.
- The amendments made to the Representation of the People Act and Income Tax Act to facilitate the scheme were also declared invalid.
- The State Bank of India (SBI), the sole issuing authority of electoral bonds, has been directed to stop their issuance immediately.
- The court ordered SBI to submit details of all electoral bonds purchased since April 2019 to the Election Commission of India (ECI) by March 6th, 2024.
Reactions and Implications:
The verdict has drawn mixed reactions from various stakeholders. Political parties and activists who opposed the scheme have welcomed the decision, calling it a victory for transparency and democracy. However, supporters of the scheme argue that it has helped curb anonymous cash donations and provided a legitimate channel for political funding.
The long-term implications of this judgement are yet to be fully understood. It is likely to trigger debates and discussions on alternative methods for regulating political funding in India. The Election Commission is expected to play a crucial role in ensuring transparency and accountability in the wake of this decision.
Further Developments:
It remains to be seen how the government and other stakeholders will respond to this verdict. It is possible that the government may challenge the decision in the higher courts. Additionally, the Election Commission may need to revisit its guidelines and procedures for handling political funding in light of this judgement.
This news article provides a brief overview of the Supreme Court’s decision on the Electoral Bonds Scheme. As the story continues to develop, further updates and analyses will be available in the coming days.
Disclaimer: It is important to note that this is a simulated news article based on the public information available as of February 17, 2024. The actual news coverage of this event may vary depending on the specific publication or source.
