New Delhi

India's Supreme Court on Monday (Oct 16) referred the petitions challenging the electoral bonds scheme to a Constitution Bench of five judges. According to a report by Live Law, Chief Justice of India (CJI) DY Chandrachud said, "In view of the importance of the issue raised, and with regard to Article 145 (4) of the Constitution of India, the matter be placed before a bench of at least five judges."

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CJI Chandrachud said that the matter would be retained on the board on October 30. 

What is the case about?

The case involves a batch of petitions which challenged the amendments introduced by the Finance Act 2017 paving the way for the anonymous electoral bonds scheme. These petitions were filed in 2017.

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Live Law reported that last week, a three-judge bench led by CJI Chandrachud agreed to hear the petitions after the petitioners urged that the matter be heard before the upcoming Lok Sabha elections.

The Finance Act introduced amendments to the Reserve Bank of India (RBI) Act, Companies Act, Income Tax Act, Representation of Peoples Act and Foreign Contributions Regulations Act to make way for the electoral bonds.

Who filed the petitions?

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The petitions were filed by the Communist Party of India (Marxist) and non-governmental organisations (NGOs) Common Cause and the Association for Democratic Reforms (ADR). The petitioners challenged the scheme as an obscure funding system which is unchecked by any authority.

They voiced apprehensions that the amendments to the Companies Act 2013 would lead to "private corporate interests taking precedence over the needs and rights of the people of the State in policy considerations."

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