Supreme Court Strikes down Electoral Bond Scheme: Upholding Transparency in Political funding
Introduction In a landmark judgment delivered on February 15, the Supreme Court of India made a significant ruling regarding the electoral bond scheme, declaring it unconstitutional. The five-judge Constitution Bench unanimously struck down the scheme, emphasizing its violation of the right to information enshrined under Article 19(1)(a) of the Constitution. Before decoding the judgement of sects understand the electoral bonds Electoral bonds are money instruments like promissory notes, which can be bought by companies and individuals in India from the State Bank of India (SBI) and donated to a political party, which can then encash these bonds. The bonds are only redeemable in the designated account of a registered political party. Before 2018 the donation were received through cash to make the system more transparent and accountable government come up with the scheme of electoral bond in 2018. The government had described the scheme as an “electoral reform” in a country movi...