The Supreme Court of India is set to hear a crucial plea as the State Bank of India also known as the SBI filed a petition seeking an extension till June 30th to disclose details of each electoral Bond.

Supreme Court to hear SBI's plea in Electoral Bonds Case

India: Top court to hear SBI's extension plea

The Indian Supreme Court dismissed a plea filed by SBI. The SBI sought an extension extension till June 30 to disclose details of electoral bonds encashed by political parties. Watch this video for all details.

Electoral Bonds: Setback for SBI as Supreme Court directs it to furnish details by March 12

Today, the Supreme Court will consider the State Bank of India's application, which asks for an extension till June 30th to provide information about the Election Bonds. In accordance with the verdict rendered on February 15, the Bank was required to provide the data to the Indian Election Commission by March 6.

Electoral bonds: Electoral bonds scheme case timeline, all you need to know

Electoral bonds: India's SC rejects SBI's electoral bonds plea

Electoral bonds: The Supreme Court of India hears SBI's extension plea

The Supreme Court of India on Monday (Mar 11) rejected the State Bank of India's (SBI) plea seeking an extension until June 30 to disclose details of each electoral bond encashed by political parties before the scheme was scrapped last month. Instead, it directed the bank&nbsp;"to disclose the details by the close of business hours of 12 March 2024 (Tuesday)".

Furthermore, the Election Commission of India (ECI) has been directed to "compile the information and publish the details on its official website no later than by 15 March 2024 by 5 PM."

<h2>Contempt charges</h2>

A five-judge Constitution Bench led by Chief Justice D.Y. Chandrachud and comprising justices Sanjiv Khanna, B. R. Gavai, J. B. Pardiwala, and Manoj Misra also heard a plea&nbsp;requesting the initiation of contempt action against the SBI. The plea alleged that SBI "wilfully and deliberately" disobeyed the apex court's direction to submit details of contributions made to political parties through electoral bonds to the Election Commission by March 6.

The court has asked SBI to "file an affidavit of its Chairman and Managing Director on compliance with the directions issued above." It warned the bank that it may move ahead with contempt charges if its instructions are flouted.

"While we are not inclined to exercise the contempt jurisdiction at this time, we place SBI on notice that this Court may be inclined to proceed against it for wilful disobedience if SBI does not comply with the directions by the timelines indicated in this order," the court observed.

<h2>The scrapping of electoral bonds</h2>

In a significant ruling on February 15, a five-judge Constitution Bench invalidated the central government's electoral bonds scheme, which permitted anonymous political funding, deeming it "unconstitutional." The court also mandated disclosure by the Election Commission of the donors, their donation amounts, and the recipients by March 13.

Subsequently, the top court directed the SBI, the designated financial institution under the scheme, to furnish details of electoral bonds purchased from April 12, 2019, to date to the Election Commission by March 6. The Commission was instructed to publish this information on its official website by March 13.

However, as per news agency PTI, on March 4, the SBI petitioned the apex court for an extension until June 30 to disclose the details of electoral bonds encashed by political parties. The bank argued that retrieving information from "each silo" and "decoding" electoral bonds and matching donors to donations due to stringent anonymity measures would be a time-consuming exercise.

The data on bond issuance and redemption were maintained separately to safeguard donor anonymity, it said.

(With inputs from agencies)

The Supreme Court of India on Monday (Mar 11) rejected the State Bank of India's (SBI) plea seeking an extension until June 30 to disclose details of each electoral bond encashed by political parties before the scheme was scrapped last month.

The Supreme Court of India on Monday (Mar 11) rejected the State Bank of India's (SBI) plea seeking an extension until June 30 to disclose details of each electoral bond encashed by political parties before the scheme was scrapped last month. Instead, it directed the bank "to disclose the details by the close of business hours of 12 March 2024 (Tuesday)". Furthermore, the Election Commission of India (ECI) has been directed to "compile the information and publish the details on its official website no later than by 15 March 2024 by 5 PM." Contempt charges A five-judge Constitution Bench led by Chief Justice D.Y. Chandrachud and comprising justices Sanjiv Khanna, B. R. Gavai, J. B. Pardiwala, and Manoj Misra also heard a plea requesting the initiation of contempt action against the SBI. The plea alleged that SBI "wilfully and deliberately" disobeyed the apex court's direction to submit details of contributions made to political parties through electoral bonds to the Election Commission by March 6. The court has asked SBI to "file an affidavit of its Chairman and Managing Director on compliance with the directions issued above." It warned the bank that it may move ahead with contempt charges if its instructions are flouted. "While we are not inclined to exercise the contempt jurisdiction at this time, we place SBI on notice that this Court may be inclined to proceed against it for wilful disobedience if SBI does not comply with the directions by the timelines indicated in this order," the court observed. The scrapping of electoral bonds In a significant ruling on February 15, a five-judge Constitution Bench invalidated the central government's electoral bonds scheme, which permitted anonymous political funding, deeming it "unconstitutional." The court also mandated disclosure by the Election Commission of the donors, their donation amounts, and the recipients by March 13. Subsequently, the top court directed the SBI, the designated financial institution under the scheme, to furnish details of electoral bonds purchased from April 12, 2019, to date to the Election Commission by March 6. The Commission was instructed to publish this information on its official website by March 13. However, as per news agency PTI, on March 4, the SBI petitioned the apex court for an extension until June 30 to disclose the details of electoral bonds encashed by political parties. The bank argued that retrieving information from "each silo" and "decoding" electoral bonds and matching donors to donations due to stringent anonymity measures would be a time-consuming exercise. The data on bond issuance and redemption were maintained separately to safeguard donor anonymity, it said. (With inputs from agencies)

India: SC rejects SBI's electoral bond disclosure extension plea, directs it to share info by March 12

The stage is set for another Supreme Court showdown in the Electoral Bond scheme case on Monday, March 11th. The State Bank of India faces opposition for withholding data on electoral bonds after failing to furnish the bonds with the information. Our next report will tell you more.

Indian elections 2024: Scrapped electoral bonds scheme, What Supreme Court held

Why did the Supreme Court term the Electoral Bonds Scheme as unconstitutional and what are the potential repercussions of this judgment on political parties, particularly in this election year?

Electoral bonds: Opposition corners Modi government

Opposition corners government of electoral bonds, SBI asks SC for more time to furnish details

A few months ahead of the general elections, the Supreme Court struck down the electoral bonds scheme for political parties. Here is a report decoding the verdict and its impact on the upcoming polls. To know more watch this interview with the Former Central Information Commissioner, India, Shailesh Gandhi.

India's court rules against Electoral Bonds ahead of polls

Few months ahead of the general elections, the supreme court struck down the electoral bonds scheme for political parties. Here is a report decoding the verdict and its impact on the upcoming polls.

India Electoral Bonds: What did Supreme Court's ruling said about bonds

India's Supreme Court has scrapped a seven-year-old election funding system, called "electoral bonds", that allows individuals and companies to donate money to political parties anonymously and without any limits.

Electoral Bonds: Which party has how much? | Big takeaways

What are India's Electoral Bonds? BJP vs Congress share in it

India's Supreme Court strikes down electoral bonds scheme as unconstitutional

Indian Supreme Court strikes down electoral bonds ahead of elections

Indian Supreme Court on Thursday (Feb 15) struck down as unconstitutional the controversial electoral bonds. In a landmark verdict, the five-judge bench of the Supreme Court headed by Chief Justice DY Chandrachud ruled that there's a danger that the financial instruments, which allow for those investing in them to stay anonymous, could lead to 'quid pro quo'.

Thursday's ruling by the apex court&nbsp;comes just ahead of the 2024 general elections.

In April 2019, the Supreme Court declined to stay the electoral bonds scheme, stressing the need to reduce the cash component in the electoral process. Last November, the court had reserved its verdict on a batch of petitions challenging the constitutional validity of the bonds.

But what are electoral bonds and how did they become a point of contention in the Indian electoral system and politics?

<h2>What are electoral bonds? Why were they introduced?</h2>

Indian elections are one of the largest and most complex in the world, with millions of voters and multiple political parties competing in elections at various levels of government.

However, a longstanding challenge in Indian politics has been the issue of transparency and accountability in political funding. To address this challenge, the Indian government introduced electoral&nbsp;Bonds in 2018 as part of electoral reforms aimed at bringing greater transparency to the process of political funding.

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Electoral Bond is a type of financial instrument that functions like a Promissory Note and an interest-free banking tool.

Any Indian citizen or organisation registered in India can buy these bonds after fulfilling the Know Your Customer (KYC) norms laid down by the Reserve Bank of India (RBI), the country's central bank.

Before the introduction of Electoral Bonds, political parties in India relied heavily on donations from individuals and corporate entities to fund their election campaigns and day-to-day activities.

The need for electoral reforms to address these concerns was highlighted by various stakeholders, including civil society organisations, electoral watchdogs, and the judiciary. In response, the government initiated efforts to reform the electoral system and enhance transparency in political funding.

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Electoral Bonds were introduced in India through the Finance Act, of 2017, as a means of reforming political funding and promoting transparency.

<h2>Key Features of Electoral Bonds</h2>

Anonymity: One of the key features of Electoral Bonds is the anonymity of the donor. Unlike traditional forms of political donations, where the identity of the donor is disclosed to the public and the receiving political party, Electoral Bonds allow donors to remain anonymous. This was intended to protect the privacy and security of donors and shield them from potential retribution or harassment.

Denominations: Electoral Bonds are available in various denominations ranging from ₹1,000 to ₹1 crore (10 million). Donors can purchase these bonds from notified banks in India, with the State Bank of India (SBI), the largest public sector lender&nbsp;in the country,&nbsp;being the only authorised institution&nbsp;to issue Electoral Bonds.

Watch | India: Ahead of 2024 polls, electoral bonds in focus; bond scheme case back in headlines&nbsp;

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Validity: Electoral Bonds have a validity period within which they must be redeemed. As per the existing regulations, the bonds have a validity of 15 days from the date of issuance. This timeframe is designed to ensure that the bonds are promptly encashed by the receiving political parties.

Transparency: While the identity of the donor remains anonymous, the sale and redemption of Electoral Bonds are recorded electronically by the issuing bank. This electronic tracking system is intended to enhance transparency in the overall process of political funding and enable regulatory authorities to monitor the flow of funds.

<h2>Why did petitioners challenge Electoral bonds scheme in Supreme Court?</h2>

The electoral bonds scheme was first announced by former finance minister Arun Jaitley during the 2017 Budget Session. Later, it was notified in January 2018 as a source of political funding by way of money bills introducing amendments to the Finance Act and the Representation of the People Act.

Since their introduction, Electoral Bonds have been a subject of debate and controversy in India.

Proponents argue that they provide a legitimate channel for political funding while protecting the privacy and security of donors.&nbsp;

Also Read |&nbsp;<a href="https://www.wionews.com/india-news/india-tamil-nadu-assembly-passes-resolution-against-delimitation-one-nation-one-election-690342">India: Tamil Nadu assembly passes resolutions against delimitation, ‘One Nation One Election’</a>

However, critics raised concerns about the lack of transparency and accountability in the Electoral Bonds scheme.

They argued that the anonymity of donors undermines transparency in political funding, and raises questions about the influence of undisclosed donations on political decisions.&nbsp;

Several petitions were filed in the Supreme Court, including by the political parties like Congress, CPI (M), besides&nbsp;some NGOs, against the constitutional validity of the electoral bonds scheme.

The hearing into this matter began on October 31 last year.

According to the petitioners, the scheme violated the right to information, opened doors to shell companies, and promoted corruption.

Rajya Sabha MP and senior advocate Kapil Sibal had said in the past that a political party could use the donations for any purposes other than elections.

<h2>Supreme Court’s verdict: Key points from ruling on electoral bonds</h2>

The Supreme Court on Thursday morning, while striking down the electoral bonds scheme calling it “unconstitutional”, also asked SBI to immediately stop issuing them.

The five-judge bench of Chief Justice DY Chandrachud, and Justices Sanjiv Khanna, BR Gavai, JB Pardiwala, and Manoj Misra arrived at the decision unanimously.

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Below are the salient points from the judgement:

<ul>
	<li>"Information about funding of political parties is essential for the effective exercise of the choice of voting," Chief Justice Chandrachud stressed on the importance of open governance.</li>
	<li>Violation Of Article 19(1)(a): Authoring an opinion on behalf of himself and Justices Gavai, Pardiwala, and Misra, the chief justice held that the electoral bonds scheme violated Article 19(1)(a) of the Constitution.</li>
	<li>Other purposes: The court held that the restrictive means test of the doctrine of proportionality is not satisfied and that there are&nbsp;means other than electoral bonds to achieve the purpose of curbing black money, even assuming it to be a legitimate objective.</li>
</ul>

(With inputs from agencies)

Indian Supreme Court on Thursday (Feb 15) struck down as unconstitutional the controversial electoral bonds. In a landmark verdict, the five-judge bench of the Supreme Court headed by Chief Justice DY Chandrachud ruled that there's a danger that the financial instruments, which allow for those investing in them to stay anonymous, could lead to 'quid pro quo'.

Indian Supreme Court on Thursday (Feb 15) struck down as unconstitutional the controversial electoral bonds. In a landmark verdict, the five-judge bench of the Supreme Court headed by Chief Justice DY Chandrachud ruled that there's a danger that the financial instruments, which allow for those investing in them to stay anonymous, could lead to 'quid pro quo'. Thursday's ruling by the apex court comes just ahead of the 2024 general elections. In April 2019, the Supreme Court declined to stay the electoral bonds scheme, stressing the need to reduce the cash component in the electoral process. Last November, the court had reserved its verdict on a batch of petitions challenging the constitutional validity of the bonds. But what are electoral bonds and how did they become a point of contention in the Indian electoral system and politics? What are electoral bonds? Why were they introduced? Indian elections are one of the largest and most complex in the world, with millions of voters and multiple political parties competing in elections at various levels of government. However, a longstanding challenge in Indian politics has been the issue of transparency and accountability in political funding. To address this challenge, the Indian government introduced electoral Bonds in 2018 as part of electoral reforms aimed at bringing greater transparency to the process of political funding. Also Read | Farmers' protest 2.0: Protesters plan to block trains, demand PM Modi to intervene Electoral Bond is a type of financial instrument that functions like a Promissory Note and an interest-free banking tool. Any Indian citizen or organisation registered in India can buy these bonds after fulfilling the Know Your Customer (KYC) norms laid down by the Reserve Bank of India (RBI), the country's central bank. Before the introduction of Electoral Bonds, political parties in India relied heavily on donations from individuals and corporate entities to fund their election campaigns and day-to-day activities. The need for electoral reforms to address these concerns was highlighted by various stakeholders, including civil society organisations, electoral watchdogs, and the judiciary. In response, the government initiated efforts to reform the electoral system and enhance transparency in political funding. Also Read | India to set up 'Bharat Mart' in Dubai: All you need to know about the warehouse facility Electoral Bonds were introduced in India through the Finance Act, of 2017, as a means of reforming political funding and promoting transparency. Key Features of Electoral Bonds Anonymity: One of the key features of Electoral Bonds is the anonymity of the donor. Unlike traditional forms of political donations, where the identity of the donor is disclosed to the public and the receiving political party, Electoral Bonds allow donors to remain anonymous. This was intended to protect the privacy and security of donors and shield them from potential retribution or harassment. Denominations: Electoral Bonds are available in various denominations ranging from ₹1,000 to ₹1 crore (10 million). Donors can purchase these bonds from notified banks in India, with the State Bank of India (SBI), the largest public sector lender in the country, being the only authorised institution to issue Electoral Bonds. Watch | India: Ahead of 2024 polls, electoral bonds in focus; bond scheme case back in headlines × Validity: Electoral Bonds have a validity period within which they must be redeemed. As per the existing regulations, the bonds have a validity of 15 days from the date of issuance. This timeframe is designed to ensure that the bonds are promptly encashed by the receiving political parties. Transparency: While the identity of the donor remains anonymous, the sale and redemption of Electoral Bonds are recorded electronically by the issuing bank. This electronic tracking system is intended to enhance transparency in the overall process of political funding and enable regulatory authorities to monitor the flow of funds. Why did petitioners challenge Electoral bonds scheme in Supreme Court? The electoral bonds scheme was first announced by former finance minister Arun Jaitley during the 2017 Budget Session. Later, it was notified in January 2018 as a source of political funding by way of money bills introducing amendments to the Finance Act and the Representation of the People Act. Since their introduction, Electoral Bonds have been a subject of debate and controversy in India. Proponents argue that they provide a legitimate channel for political funding while protecting the privacy and security of donors. Also Read | India: Tamil Nadu assembly passes resolutions against delimitation, ‘One Nation One Election’ However, critics raised concerns about the lack of transparency and accountability in the Electoral Bonds scheme. They argued that the anonymity of donors undermines transparency in political funding, and raises questions about the influence of undisclosed donations on political decisions. Several petitions were filed in the Supreme Court, including by the political parties like Congress, CPI (M), besides some NGOs, against the constitutional validity of the electoral bonds scheme. The hearing into this matter began on October 31 last year. According to the petitioners, the scheme violated the right to information, opened doors to shell companies, and promoted corruption. Rajya Sabha MP and senior advocate Kapil Sibal had said in the past that a political party could use the donations for any purposes other than elections. Supreme Court’s verdict: Key points from ruling on electoral bonds The Supreme Court on Thursday morning, while striking down the electoral bonds scheme calling it “unconstitutional”, also asked SBI to immediately stop issuing them. The five-judge bench of Chief Justice DY Chandrachud, and Justices Sanjiv Khanna, BR Gavai, JB Pardiwala, and Manoj Misra arrived at the decision unanimously. Also Read | Liquor ban in India's Bengaluru: Karnataka HC orders to reduce duration Below are the salient points from the judgement: "Information about funding of political parties is essential for the effective exercise of the choice of voting," Chief Justice Chandrachud stressed on the importance of open governance. Violation Of Article 19(1)(a): Authoring an opinion on behalf of himself and Justices Gavai, Pardiwala, and Misra, the chief justice held that the electoral bonds scheme violated Article 19(1)(a) of the Constitution. Other purposes: The court held that the restrictive means test of the doctrine of proportionality is not satisfied and that there are means other than electoral bonds to achieve the purpose of curbing black money, even assuming it to be a legitimate objective. (With inputs from agencies)

Explained: India Supreme Court strikes down electoral bonds. Why are they controversial?

Electoral Bonds: India's Supreme Court on Thursday (Feb 15) struck down as&nbsp;unconstitutional the so-called 'electoral bonds', in a landmark judgement that&nbsp;ruled that the controversial financial instruments to support political parties can lead to 'quid pro quo'.&nbsp;

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Supreme Court says it has delivered a unanimous verdict on a batch of pleas challenging the legal validity of the Central government’s Electoral Bond scheme which allows for anonymous funding to political parties. <a href="https://t.co/HkBIrDJr9O">pic.twitter.com/HkBIrDJr9O</a>
— ANI (@ANI) <a href="https://twitter.com/ANI/status/1757996330494959886?ref_src=twsrc%5Etfw">February 15, 2024</a></blockquote>
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A five-judge bench of Chief Justice of Inda DY Chandrachud, Justices Sanjiv Khanna, BR Gavai, JB Pardiwala and Manoj Misra delivered the unanimous verdict on a batch of pleas challenging the legal validity of the Central government's scheme.

The bench stated that the scheme was a violation of the right to information and freedom of speech and expression under Article 19(1)(a) of Constitution. 
 
The court&nbsp;also asked the State Bank of India (SBI), India's largest public sector lender, to stop issuing the controversial financial instruments.

Electoral&nbsp;bonds were used by individuals and corporates to fund political parties anonymously. 
 
The Supreme Court&nbsp;was looking into several aspects of the constitution with regards to the bonds. 
 
Petitioners had pleaded that not revealing information on contributions to parties were violative of several aspects of the constitution.

They included the amendments to Section 29C of the Representation of the People Act, Section 183(3) of the Companies Act, Section 13A(b) of the Income Tax Act and the right to information under Article 19(1)(a) of the Constitution. 
 
The court had reserved the verdict in November.

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<h2>Electoral Bonds&nbsp;judgement key highlights:</h2>

- Supreme Court said that the scheme was violative of freedom of speech and expression under Article 19(1)(a) of the Constitution.

- SC directed the issuing bank, SBI, to stop the issuance of electoral bonds with immediate effect.

- It ordered the State Bank of India to share the details of electoral bonds purchased since April 12, 2019 till date to the Election Commission and directed the Indian election body to&nbsp;publish the details&nbsp;on its website.

- “This court recognised right to information about social, cultural, political and economical issues, and that it is not limited to state affairs but to further participatory democracy principle," said Chief Justice of India DY Chandrachud.

- The court held that amendments in the Companies Act permitting unlimited political contributions by companies is arbitrary and unconstitutional.

- The top court said infringement to the Right to Information is not justified for the purpose of curbing black money.&nbsp;

The scheme, notified by the government on 2 January, 2018, was pitched as an alternative to cash donations that were made to political parties, in a bid to bring about transparency to political funding.

As per the provisions of the scheme, electoral bonds may be bought by a citizen of India or any entity that is either incorporated or established in the country.

An individual can purchase electoral bonds, singly or jointly clubbing with other individuals, without sharing their identity.

(With inputs from agencies)

Electoral Bonds: India's Supreme Court on Thursday (Feb 15) struck down as unconstitutional the so-called 'electoral bonds', in a landmark judgement that ruled that the controversial financial instruments to support political parties can lead to 'quid pro quo'.

Electoral Bonds: India's Supreme Court on Thursday (Feb 15) struck down as unconstitutional the so-called 'electoral bonds', in a landmark judgement that ruled that the controversial financial instruments to support political parties can lead to 'quid pro quo'. Supreme Court says it has delivered a unanimous verdict on a batch of pleas challenging the legal validity of the Central government’s Electoral Bond scheme which allows for anonymous funding to political parties. pic.twitter.com/HkBIrDJr9O — ANI (@ANI) February 15, 2024 × A five-judge bench of Chief Justice of Inda DY Chandrachud, Justices Sanjiv Khanna, BR Gavai, JB Pardiwala and Manoj Misra delivered the unanimous verdict on a batch of pleas challenging the legal validity of the Central government's scheme. The bench stated that the scheme was a violation of the right to information and freedom of speech and expression under Article 19(1)(a) of Constitution. The court also asked the State Bank of India (SBI), India's largest public sector lender, to stop issuing the controversial financial instruments. Electoral bonds were used by individuals and corporates to fund political parties anonymously. The Supreme Court was looking into several aspects of the constitution with regards to the bonds. Petitioners had pleaded that not revealing information on contributions to parties were violative of several aspects of the constitution. They included the amendments to Section 29C of the Representation of the People Act, Section 183(3) of the Companies Act, Section 13A(b) of the Income Tax Act and the right to information under Article 19(1)(a) of the Constitution. The court had reserved the verdict in November. Also read: Farmers' protest 2.0: Protesters plan to block trains, demand PM Modi to intervene Electoral Bonds judgement key highlights: - Supreme Court said that the scheme was violative of freedom of speech and expression under Article 19(1)(a) of the Constitution. - SC directed the issuing bank, SBI, to stop the issuance of electoral bonds with immediate effect. - It ordered the State Bank of India to share the details of electoral bonds purchased since April 12, 2019 till date to the Election Commission and directed the Indian election body to publish the details on its website. - “This court recognised right to information about social, cultural, political and economical issues, and that it is not limited to state affairs but to further participatory democracy principle," said Chief Justice of India DY Chandrachud. - The court held that amendments in the Companies Act permitting unlimited political contributions by companies is arbitrary and unconstitutional. - The top court said infringement to the Right to Information is not justified for the purpose of curbing black money. The scheme, notified by the government on 2 January, 2018, was pitched as an alternative to cash donations that were made to political parties, in a bid to bring about transparency to political funding. As per the provisions of the scheme, electoral bonds may be bought by a citizen of India or any entity that is either incorporated or established in the country. An individual can purchase electoral bonds, singly or jointly clubbing with other individuals, without sharing their identity. (With inputs from agencies)

India: Supreme Court strikes down electoral bonds scheme as unconstitutional

BREAKING NEWS: India's Supreme Court strikes down electoral bonds, calls them 'unconstitutional'

Defending the tenets of the electoral bond scheme, the Indian government told the Supreme Court that the citizens “don’t have the right to know” the sources of the funding of the political parties.

Responding to the pleas challenging the scheme, the federal government’s counsellor R Venkataramani, in a statement filed before the court on Monday (Oct 30), said that the scheme extends the benefit of confidentiality to the contributor.

"Firstly, there can be no general right to know anything and everything without being subjected to reasonable restrictions. Secondly, the right to know as necessary for expression can be for specific ends or purposes and not otherwise," he said, according to LiveLaw outlet.

<h2>Right to know cannot be extended to learn about fundings&nbsp;</h2>

He argued that the judgments upholding the citizens’ right to know of the criminal history of party candidates cannot extend&nbsp;to having the right to information regarding the funding of parties.

"Right to know for specific rightful expression was thus conceived. From that, it cannot be said that the right to know for general or broad ends necessarily follows.”

“Therefore, these judgments cannot be read as to suggest that a citizen has a right to information under Art. 19(1)(a) regarding funding of political party. If there is no right under Article 19(1)(a), the further question of locating reasonable restriction under Article 19(2) does not arise.”

The batch of pleas had challenged the amendments introduced by the Finance Act, 2017, paving the way for the electoral bonds scheme that hides the identity and other details of donors.

The government said that there can be no general right to know anything and everything without being subjected to reasonable restrictions.

<h2>SC to start hearing pleas on October 31</h2>

“The right to know as necessary for expression can be for specific ends or purposes and not otherwise. Democracy is a wide concept and comprehends many aspects. Right to know for the general health of democracy will be too over-broad,” said Venkataramani’s&nbsp;submissions.

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A constitution bench of the Supreme Court will start hearing the batch of petitions challenging the electoral bonds scheme on October 31.

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The bench consists of Chief Justice of India DY Chandrachud, Justices Sanjiv Khanna, BR Gavai, JB Pardiwala and Manoj Misra.

On October 16, a three-judge bench comprising CJI, Justices JB Pardiwala and Manoj Mishra had referred the matter to a 5-judge bench "in view of the importance of issue raised".

(With inputs from agencies)

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Defending the tenets of the electoral bond scheme, the Indian government told the Supreme Court that the citizens “don’t have the right to know” the sources of the funding of the political parties.

Defending the tenets of the electoral bond scheme, the Indian government told the Supreme Court that the citizens “don’t have the right to know” the sources of the funding of the political parties. Responding to the pleas challenging the scheme, the federal government’s counsellor R Venkataramani, in a statement filed before the court on Monday (Oct 30), said that the scheme extends the benefit of confidentiality to the contributor. "Firstly, there can be no general right to know anything and everything without being subjected to reasonable restrictions. Secondly, the right to know as necessary for expression can be for specific ends or purposes and not otherwise," he said, according to LiveLaw outlet. Right to know cannot be extended to learn about fundings He argued that the judgments upholding the citizens’ right to know of the criminal history of party candidates cannot extend to having the right to information regarding the funding of parties. "Right to know for specific rightful expression was thus conceived. From that, it cannot be said that the right to know for general or broad ends necessarily follows.” “Therefore, these judgments cannot be read as to suggest that a citizen has a right to information under Art. 19(1)(a) regarding funding of political party. If there is no right under Article 19(1)(a), the further question of locating reasonable restriction under Article 19(2) does not arise.” The batch of pleas had challenged the amendments introduced by the Finance Act, 2017, paving the way for the electoral bonds scheme that hides the identity and other details of donors. The government said that there can be no general right to know anything and everything without being subjected to reasonable restrictions. SC to start hearing pleas on October 31 “The right to know as necessary for expression can be for specific ends or purposes and not otherwise. Democracy is a wide concept and comprehends many aspects. Right to know for the general health of democracy will be too over-broad,” said Venkataramani’s submissions. Also read | India: Migrant worker from UP killed by terrorists in Jammu and Kashmir A constitution bench of the Supreme Court will start hearing the batch of petitions challenging the electoral bonds scheme on October 31. Also read | India's EAM S Jaishankar meets families of Indians detained in Qatar The bench consists of Chief Justice of India DY Chandrachud, Justices Sanjiv Khanna, BR Gavai, JB Pardiwala and Manoj Misra. On October 16, a three-judge bench comprising CJI, Justices JB Pardiwala and Manoj Mishra had referred the matter to a 5-judge bench "in view of the importance of issue raised". (With inputs from agencies) WATCH WION LIVE HERE

Citizens don’t have right to know sources of political parties' fundings: Indian govt to Supreme Court

The State Bank of India opens its 28th tranche of electoral bond sales. Undertaken by the Indian government, the ten-day window is set to kick-start today, It will be accessible at all authorised branches of the state bank of India until October 13.

India: Ahead of 2024 polls, electoral bonds in focus; bond scheme case back in headlines | WION

The Congress will vehemently raise the issue of electoral bonds in <a href="https://www.wionews.com/india-news/petition-in-supreme-court-seeks-probe-into-lok-sabha-election-results-263431">Lok Sabha</a> today for which party is even likely to stage a walk-out if they were not allowed to have a detailed discussion on it, told top-notch sources from the party.

Sources from Congress Parliamentary Strategy meeting told that the party has reached out to the Opposition parties for devising a floor strategy to corner the Narendra Modi-led government over the same.

"We will not let the issue of electoral bonds die down. We will make the government answerable. Reaching out to opposition parties to build a floor strategy against the government, we want a detailed discussion on it," said the source.

"If the government doesn't allow discussion on the issue of electoral bonds, Congress to stage a walkout. Congress will also hold a protest at the Gandhi statue," it said.

The issue will be raised by Congress MP <a href="https://www.wionews.com/india-news?page=2266">Manish Tewari</a> in the Standing Committee on Finance set to meet at 3 pm today. 
Congress party has given adjournment motion notice in Lok Sabha on Thursday over "lack of transparency in the entire scheme of electoral bonds".

The adjournment motion is an extraordinary procedure which, if admitted, leads to setting aside the normal business of the House for discussing a definite matter of urgent public importance.

Yesterday, Congress leader <a href="https://www.wionews.com/india-news/new-delhi-all-party-meeting-begins-ahead-of-parliaments-winter-session-262684">Ghulam Nabi Azad </a>hit out at the BJP government at the Centre over the electoral bond scheme. 
Speaking at a press conference, Azad had said, "To issue electoral bond scheme was a conspiracy.&nbsp;It was based on the premise that the donor who gives money need not disclose his identity. The political party is also not liable to disclose the identity of the donor."

"This was opposed by the Reserve Bank of India (RBI) which has stated that this scheme will lead to the encouragement of money laundering," Azad had said.

"In this scheme, it is not disclosed who gives fund to a political party. The money could be donated from a fraudster or even a terrorist," the Congress leader said while criticising the electoral bond scheme.

Electoral bonds may be purchased by a person, who is a citizen of India or incorporated or established in India. A person being an individual can buy electoral bonds, either singly or jointly with other individuals.

Only the political parties registered under <a href="https://www.wionews.com/india-news/bjp-demands-action-against-parties-boycotting-jk-local-body-polls-168425">Section 29A</a> of the Representation of the People Act, 1951 (43 of 1951) and which secured not less than one per cent of the votes polled in the last general election to the House of the People or the Legislative Assembly of the state shall be eligible to receive the electoral bonds.

The bonds shall be encashed by an eligible political party only through a bank account with the authorised bank.

The Congress will vehemently raise the issue of electoral bonds in Lok Sabha today for which party is even likely to stage a walk-out if they were not allowed to have a detailed discussion on it, told top-notch sources from the party.

The Congress will vehemently raise the issue of electoral bonds in Lok Sabha today for which party is even likely to stage a walk-out if they were not allowed to have a detailed discussion on it, told top-notch sources from the party. Sources from Congress Parliamentary Strategy meeting told that the party has reached out to the Opposition parties for devising a floor strategy to corner the Narendra Modi-led government over the same. "We will not let the issue of electoral bonds die down. We will make the government answerable. Reaching out to opposition parties to build a floor strategy against the government, we want a detailed discussion on it," said the source. "If the government doesn't allow discussion on the issue of electoral bonds, Congress to stage a walkout. Congress will also hold a protest at the Gandhi statue," it said. The issue will be raised by Congress MP Manish Tewari in the Standing Committee on Finance set to meet at 3 pm today. Congress party has given adjournment motion notice in Lok Sabha on Thursday over "lack of transparency in the entire scheme of electoral bonds". The adjournment motion is an extraordinary procedure which, if admitted, leads to setting aside the normal business of the House for discussing a definite matter of urgent public importance. Yesterday, Congress leader Ghulam Nabi Azad hit out at the BJP government at the Centre over the electoral bond scheme. Speaking at a press conference, Azad had said, "To issue electoral bond scheme was a conspiracy. It was based on the premise that the donor who gives money need not disclose his identity. The political party is also not liable to disclose the identity of the donor." "This was opposed by the Reserve Bank of India (RBI) which has stated that this scheme will lead to the encouragement of money laundering," Azad had said. "In this scheme, it is not disclosed who gives fund to a political party. The money could be donated from a fraudster or even a terrorist," the Congress leader said while criticising the electoral bond scheme. Electoral bonds may be purchased by a person, who is a citizen of India or incorporated or established in India. A person being an individual can buy electoral bonds, either singly or jointly with other individuals. Only the political parties registered under Section 29A of the Representation of the People Act, 1951 (43 of 1951) and which secured not less than one per cent of the votes polled in the last general election to the House of the People or the Legislative Assembly of the state shall be eligible to receive the electoral bonds. The bonds shall be encashed by an eligible political party only through a bank account with the authorised bank.

Congress to stage walk-out from Lok Sabha if not allowed to discuss electoral bonds

A whopping 99.8 per cent of donations received by political parties was through <a href="https://www.wionews.com/india-news/all-you-need-to-know-about-electoral-bonds-209818">electoral bonds</a> of the highest denominations -- Rs 10 lakh and Rs one crore -- between March 2018 and January 24, 2019, revealed data obtained under the RTI Act.

Donors purchased bonds worth Rs 1,407.09 crore of which Rs 1,403.90 crore were in the highest denominations of Rs ten lakh and Rs one crore during the period.

Social worker Chandrashekhar Goud shared the data received from State Bank of India (SBI) through an RTI query.

The donors bought 1,459 electoral bonds of a denomination of Rs ten lakh and 1,258 bonds of Rs one crore denomination. They purchased 318 bonds of Rs one lakh, 12 bonds of Rs 10,000 and 24 bonds of Rs 1000 denomination, according to the RTI reply.

<a href="https://www.wionews.com/india-news/political-parties-must-submit-details-of-funding-through-electoral-bonds-says-supreme-court-209753">Electoral bonds</a> worth Rs 1,395.89 crore were redeemed by the parties.&nbsp;

Gaud had also asked the bank how many parties redeemed the bonds and worth how much money, but the SBI did not disclose it, saying it was in fiduciary capacity disclosure which is exempted under Section 8 (1) (e) and (j) of the RTI Act.

Electoral bonds were sold by the State Bank of India (SBI) in seven tranches. They were sold in five denominations of Rs 1,000, Rs 10,000, Rs 1 lakh, Rs 10 lakh, and Rs 1 crore.&nbsp;

The Association for Democratic Reforms (ADR), a voluntary organisation, working for political reforms, had approached the Supreme Court seeking a stay order on the sale of electoral bonds.&nbsp;

On Friday, the Supreme Court refused to suspend the political funding through electoral bonds but, did introduce conditions to bring transparency in the process.&nbsp;

A whopping 99.8 per cent of donations received by political parties was through electoral bonds of the highest denominations -- Rs 10 lakh and Rs one crore -- between March 2018 and January 24, 2019, revealed data obtained under the RTI Act.

A whopping 99.8 per cent of donations received by political parties was through electoral bonds of the highest denominations -- Rs 10 lakh and Rs one crore -- between March 2018 and January 24, 2019, revealed data obtained under the RTI Act. Donors purchased bonds worth Rs 1,407.09 crore of which Rs 1,403.90 crore were in the highest denominations of Rs ten lakh and Rs one crore during the period. Social worker Chandrashekhar Goud shared the data received from State Bank of India (SBI) through an RTI query. The donors bought 1,459 electoral bonds of a denomination of Rs ten lakh and 1,258 bonds of Rs one crore denomination. They purchased 318 bonds of Rs one lakh, 12 bonds of Rs 10,000 and 24 bonds of Rs 1000 denomination, according to the RTI reply. Electoral bonds worth Rs 1,395.89 crore were redeemed by the parties. Gaud had also asked the bank how many parties redeemed the bonds and worth how much money, but the SBI did not disclose it, saying it was in fiduciary capacity disclosure which is exempted under Section 8 (1) (e) and (j) of the RTI Act. Electoral bonds were sold by the State Bank of India (SBI) in seven tranches. They were sold in five denominations of Rs 1,000, Rs 10,000, Rs 1 lakh, Rs 10 lakh, and Rs 1 crore. The Association for Democratic Reforms (ADR), a voluntary organisation, working for political reforms, had approached the Supreme Court seeking a stay order on the sale of electoral bonds. On Friday, the Supreme Court refused to suspend the political funding through electoral bonds but, did introduce conditions to bring transparency in the process.

Lok Sabha elections 2019: Parties got 99.8% donations through electoral bonds, says RTI

Watch this segment of India Election Watch for latest updates of India Election as on 12th April, 2019.

India Election Watch; 12th April 2019

The Supreme Court on Friday said that all the political parties will have to mandatorily disclose the details of donations received through electoral bonds. The bench, headed by Chief Justice of India Ranjan Gogoi, pronounced the order while hearing a petition filed by an NGO Association of Democratic Reforms opposing the use of electoral bonds for political funding.

The court said that electoral bonds will continue but further added that the details to be submitted before the Election Commission in a sealed envelope must also include the bank account details of the political parties. It asked the details of political funding till May 15 to be submitted by May 30.

The court had on Thursday reserved its verdict on petitions challenging the legality of electoral bonds.

The Centre and the Election Commission have taken contrary stands in the court over political funding with the government wanting to maintain anonymity of the donors of electoral bonds and poll panel batting for revealing the names of donors for transparency.

The NGO had sought interim reliefs that either the issuance of electoral bonds be stayed or the names of the donors be made public to ensure transparency in the poll process.

Appearing for the NGO, Advocate Prashant Bhushan told the top court during the hearing yesterday that electoral bonds were promoting undisclosed (anonymous) source of funds to political parties, thereby destroying the fabric of free and fair elections in India.

Attorney General KK Venugopal, appearing for the Centre, countered by saying, "This is the best scheme possible to combat the vice of black money in elections. I hope the court upholds it."

Meanwhile, the Election Commission told the top court that it was not against electoral bonds but the anonymity factor. "We are opposed to anonymity and we want transparency with full disclosure. We are concerned with the amendments brought to the Representation of the Peoples Act. Political parties should put it (info on donations) on their websites so people get to know," the commission said.

However, the Attorney General defended the government's stand by saying that the law was passed to eliminate black money and that the "secrecy of funding is necessary to ensure that those who fund the political parties are not victimised if the party which they did not fund comes to power".

Electoral bonds were introduced by amendments made through the Finance Act 2017 to the Reserve Bank of India Act 1934, Representation of Peoples Act 1951, Income Tax Act 1962 and Companies Act. In January last year, Modi government notified the scheme for electoral bonds, which are in nature of bearer instruments like a promissory note capable of being purchased by an Indian citizen or a body based in India. These electoral bonds can be purchased from an authorised bank and can be issued to a political party. The political party can encash the bond within 15 days.

The most important issue regarding the electoral bonds is that the identity of the donor is known only to the bank, which is any case is kept anonymous.

The Supreme Court on Friday said that all the political parties will have to mandatorily disclose the details of donations received through electoral bonds. The bench, headed by Chief Justice of India Ranjan Gogoi, pronounced the order while hearing a petition filed by an NGO Association of Democratic Reforms opposing the use of electoral bonds for political funding.

The Supreme Court on Friday said that all the political parties will have to mandatorily disclose the details of donations received through electoral bonds. The bench, headed by Chief Justice of India Ranjan Gogoi, pronounced the order while hearing a petition filed by an NGO Association of Democratic Reforms opposing the use of electoral bonds for political funding. The court said that electoral bonds will continue but further added that the details to be submitted before the Election Commission in a sealed envelope must also include the bank account details of the political parties. It asked the details of political funding till May 15 to be submitted by May 30. The court had on Thursday reserved its verdict on petitions challenging the legality of electoral bonds. The Centre and the Election Commission have taken contrary stands in the court over political funding with the government wanting to maintain anonymity of the donors of electoral bonds and poll panel batting for revealing the names of donors for transparency. The NGO had sought interim reliefs that either the issuance of electoral bonds be stayed or the names of the donors be made public to ensure transparency in the poll process. Appearing for the NGO, Advocate Prashant Bhushan told the top court during the hearing yesterday that electoral bonds were promoting undisclosed (anonymous) source of funds to political parties, thereby destroying the fabric of free and fair elections in India. Attorney General KK Venugopal, appearing for the Centre, countered by saying, "This is the best scheme possible to combat the vice of black money in elections. I hope the court upholds it." Meanwhile, the Election Commission told the top court that it was not against electoral bonds but the anonymity factor. "We are opposed to anonymity and we want transparency with full disclosure. We are concerned with the amendments brought to the Representation of the Peoples Act. Political parties should put it (info on donations) on their websites so people get to know," the commission said. However, the Attorney General defended the government's stand by saying that the law was passed to eliminate black money and that the "secrecy of funding is necessary to ensure that those who fund the political parties are not victimised if the party which they did not fund comes to power". Electoral bonds were introduced by amendments made through the Finance Act 2017 to the Reserve Bank of India Act 1934, Representation of Peoples Act 1951, Income Tax Act 1962 and Companies Act. In January last year, Modi government notified the scheme for electoral bonds, which are in nature of bearer instruments like a promissory note capable of being purchased by an Indian citizen or a body based in India. These electoral bonds can be purchased from an authorised bank and can be issued to a political party. The political party can encash the bond within 15 days. The most important issue regarding the electoral bonds is that the identity of the donor is known only to the bank, which is any case is kept anonymous.

Political parties must submit details of funding through electoral bonds, says Supreme Court

The <a href="https://www.wionews.com/india-news/political-parties-must-submit-details-of-funding-through-electoral-bonds-says-supreme-court-209753">Supreme Court on Friday</a> said that all political parties have to disclose the details of donations received through electoral bonds. The details should be submitted before the Election Commission in a sealed envelope and must also include the bank account details of the political parties.

Electoral bonds were introduced by Union finance minister Arun Jaitley during his budget speech in 2017. These bonds were introduced to bring more transparency to political fundings.

Here's all you need to know about electoral bonds:

When it was introduced?

Electoral bonds were introduced by amendments made through the Finance Act 2017 to the Reserve Bank of India Act 1934, Representation of Peoples Act 1951, Income Tax Act 1962 and Companies Act.

When it is available and how to use it?

The electoral bonds are available for a period of 10 days each in the month of January, April, July, and October. It has an additional period of 30 days specified by the central government in the year of general elections.

The bonds are interest-free and can be purchased from any value in multiples of Rs 1,000, Rs 10,000, Rs 1 lakh and Rs 1 crore. People can buy these bonds from specified branches of SBI. It is valid up to 15 days from purchase. It can be bought by making payments digitally or through a cheque. After that banks will forward the bond to designated political parties and they can convert these bonds in money via their registered bank accounts.

The political parties⁬ registered with Election Commission are eligible to receive these bonds.

The donor's identity is anonymous. The bank is not allowed to reveal the names of identities under any circumstances.

Which party has benefited most from electoral bonds?

Bharatiya Janata Party (BJP) received around Rs 210 crore in 2017-2018 donations and thus emerged as the biggest beneficiary of the electoral bond scheme, Election Commission informed the Supreme Court. In total, bonds worth over Rs 1,000 crore were purchased until November 2018.&nbsp;

The Supreme Court on Friday said that all political parties have to disclose the details of donations received through electoral bonds. The details should be submitted before the Election Commission in a sealed envelope and must also include the bank account details of the political parties.

The Supreme Court on Friday said that all political parties have to disclose the details of donations received through electoral bonds. The details should be submitted before the Election Commission in a sealed envelope and must also include the bank account details of the political parties. Electoral bonds were introduced by Union finance minister Arun Jaitley during his budget speech in 2017. These bonds were introduced to bring more transparency to political fundings. Here's all you need to know about electoral bonds: When it was introduced? Electoral bonds were introduced by amendments made through the Finance Act 2017 to the Reserve Bank of India Act 1934, Representation of Peoples Act 1951, Income Tax Act 1962 and Companies Act. When it is available and how to use it? The electoral bonds are available for a period of 10 days each in the month of January, April, July, and October. It has an additional period of 30 days specified by the central government in the year of general elections. The bonds are interest-free and can be purchased from any value in multiples of Rs 1,000, Rs 10,000, Rs 1 lakh and Rs 1 crore. People can buy these bonds from specified branches of SBI. It is valid up to 15 days from purchase. It can be bought by making payments digitally or through a cheque. After that banks will forward the bond to designated political parties and they can convert these bonds in money via their registered bank accounts. The political parties⁬ registered with Election Commission are eligible to receive these bonds. The donor's identity is anonymous. The bank is not allowed to reveal the names of identities under any circumstances. Which party has benefited most from electoral bonds? Bharatiya Janata Party (BJP) received around Rs 210 crore in 2017-2018 donations and thus emerged as the biggest beneficiary of the electoral bond scheme, Election Commission informed the Supreme Court. In total, bonds worth over Rs 1,000 crore were purchased until November 2018.

All you need to know about electoral bonds

The Supreme Court of India on Thursday reserved its verdict on petitions challenging the legality of electoral bonds. The bench, headed by Chief Justice of India Ranjan Gogoi, will pronounce its judgment on Friday.

Tomorrow's order, however, will be interim and not the final one on the constitutionality of electoral bonds.

The Centre and the Election Commission have taken contrary stands in the court over political funding with the government wanting to maintain anonymity of the donors of electoral bonds and poll panel batting for revealing the names of donors for transparency.

The court is hearing the plea of NGO Association of Democratic Reforms opposing the use of electoral bonds for political funding. The petitioner has sought interim reliefs that either the issuance of electoral bonds be stayed or the names of the donors be made public to ensure transparency in the poll process.

Appearing for the NGO, Advocate Prashant Bhushan told the top court that electoral bonds were promoting undisclosed (anonymous) source of funds to political parties, thereby destroying the fabric of free and fair elections in India.

Attorney General KK Venugopal, appearing for the Centre, countered by saying, "This is the best scheme possible to combat the vice of black money in elections. I hope the court upholds it."

Meanwhile, the Election Commission told the top court that it was not against electoral bonds but the anonymity factor. "We are opposed to anonymity and we want transparency with full disclosure. We are concerned with the amendments brought to the Representation of the Peoples Act. Political parties should put it (info on donations) on their websites so people get to know," the commission said.

However, the Attorney General defended the government's stand by saying that the law was passed to eliminate black money and that the "secrecy of funding is necessary to ensure that those who fund the political parties are not victimised if the party which they did not fund comes to power".

Electoral bonds were introduced by amendments made through the Finance Act 2017 to the Reserve Bank of India Act 1934, Representation of Peoples Act 1951, Income Tax Act 1962 and Companies Act. In January last year, Modi government notified the scheme for electoral bonds, which are in nature of bearer instruments like a promissory note capable of being purchased by an Indian citizen or a body based in India. These electoral bonds can be purchased from an authorised bank and can be issued to a political party. The political party can encash the bond within 15 days.

The most important issue regarding the electoral bonds is that the identity of the donor is known only to the bank, which is any case is kept anonymous.

The Supreme Court of India on Thursday reserved its verdict on petitions challenging the legality of electoral bonds. The bench, headed by Chief Justice of India Ranjan Gogoi, will pronounce its judgment on Friday.

The Supreme Court of India on Thursday reserved its verdict on petitions challenging the legality of electoral bonds. The bench, headed by Chief Justice of India Ranjan Gogoi, will pronounce its judgment on Friday. Tomorrow's order, however, will be interim and not the final one on the constitutionality of electoral bonds. The Centre and the Election Commission have taken contrary stands in the court over political funding with the government wanting to maintain anonymity of the donors of electoral bonds and poll panel batting for revealing the names of donors for transparency. The court is hearing the plea of NGO Association of Democratic Reforms opposing the use of electoral bonds for political funding. The petitioner has sought interim reliefs that either the issuance of electoral bonds be stayed or the names of the donors be made public to ensure transparency in the poll process. Appearing for the NGO, Advocate Prashant Bhushan told the top court that electoral bonds were promoting undisclosed (anonymous) source of funds to political parties, thereby destroying the fabric of free and fair elections in India. Attorney General KK Venugopal, appearing for the Centre, countered by saying, "This is the best scheme possible to combat the vice of black money in elections. I hope the court upholds it." Meanwhile, the Election Commission told the top court that it was not against electoral bonds but the anonymity factor. "We are opposed to anonymity and we want transparency with full disclosure. We are concerned with the amendments brought to the Representation of the Peoples Act. Political parties should put it (info on donations) on their websites so people get to know," the commission said. However, the Attorney General defended the government's stand by saying that the law was passed to eliminate black money and that the "secrecy of funding is necessary to ensure that those who fund the political parties are not victimised if the party which they did not fund comes to power". Electoral bonds were introduced by amendments made through the Finance Act 2017 to the Reserve Bank of India Act 1934, Representation of Peoples Act 1951, Income Tax Act 1962 and Companies Act. In January last year, Modi government notified the scheme for electoral bonds, which are in nature of bearer instruments like a promissory note capable of being purchased by an Indian citizen or a body based in India. These electoral bonds can be purchased from an authorised bank and can be issued to a political party. The political party can encash the bond within 15 days. The most important issue regarding the electoral bonds is that the identity of the donor is known only to the bank, which is any case is kept anonymous.

Should names of donors using electoral bonds be made public? Supreme Court to decide tomorrow

The Supreme Court will hear petition&nbsp;challenging the electoral bond scheme on April 10, a day before Lok Sabha polls begin.&nbsp;

Last week, CPI(M), along with NGO Common Cause, filed a petition in the court calling the electoral bond scheme an ''obscure funding system'' unchecked by authorities.&nbsp;

Appearing for the petitioners, senior lawyer Prashanth Bhushan said, “95 per cent of the electoral bonds sold so far have been for the ruling party and this will have a serious impact on elections.”

The petition further stated that most electoral bonds bought since its introduction by the central government has been in the denominations of 10 lakh to 1 crore Indian rupees, hence would be considered corporate funding.

The scheme grants complete anonymity to the donor (The identity of the donor is known only to the bank, which is any case is kept anonymous) and the funds are being used to influence policy decisions, the petitioner added.&nbsp;

Electoral bonds were introduced by amendments made through the finance act 2017 to the Reserve Bank of India Act 1934, Representation of Peoples Act 1951, Income Tax Act 1962 and Companies Act.&nbsp;

In January last year, Modi government notified the scheme, which is in nature of bearer instruments like a promissory note capable of being purchased by an Indian citizen or a body based in India.&nbsp;

These electoral bonds can be purchased from an authorised bank and can be issued to a political party. The political party can encash the bond within 15 days.&nbsp;

The Supreme Court will hear petition challenging the electoral bond scheme on April 10, a day before Lok Sabha polls begin. Last week, CPI(M), along with NGO Common Cause, filed a petition in the court calling the electoral bond scheme an ''obscure funding system'' unchecked by authorities.

The Supreme Court will hear petition challenging the electoral bond scheme on April 10, a day before Lok Sabha polls begin. Last week, CPI(M), along with NGO Common Cause, filed a petition in the court calling the electoral bond scheme an ''obscure funding system'' unchecked by authorities. Appearing for the petitioners, senior lawyer Prashanth Bhushan said, “95 per cent of the electoral bonds sold so far have been for the ruling party and this will have a serious impact on elections.” The petition further stated that most electoral bonds bought since its introduction by the central government has been in the denominations of 10 lakh to 1 crore Indian rupees, hence would be considered corporate funding. The scheme grants complete anonymity to the donor (The identity of the donor is known only to the bank, which is any case is kept anonymous) and the funds are being used to influence policy decisions, the petitioner added. Electoral bonds were introduced by amendments made through the finance act 2017 to the Reserve Bank of India Act 1934, Representation of Peoples Act 1951, Income Tax Act 1962 and Companies Act. In January last year, Modi government notified the scheme, which is in nature of bearer instruments like a promissory note capable of being purchased by an Indian citizen or a body based in India. These electoral bonds can be purchased from an authorised bank and can be issued to a political party. The political party can encash the bond within 15 days.

Supreme Court to hear petition challenging electoral bond on April 10

The electoral bonds mechanism is a substantial improvement in transparency over the present system and the government is open to suggestions to further cleanse political funding, Finance Minister Arun Jaitley said today.

In a Facebook post, Jaitley said the conventional practice of funding the political system was to take donations as well as undertake expenditures in cash.

The sources are anonymous or pseudonymous. The quantum of money was never disclosed and the system ensures unclean money coming from unidentifiable sources.

&quot;It is a wholly non-transparent system. Most political groups seem fairly satisfied with the present arrangement and would not mind this status-quo to continue.

&quot;The effort, therefore, is to run down any alternative system which is devised to cleanse up the political funding mechanism,&quot; Jaitley said.

The finance minister had last week announced the contours of the electoral bonds, which will be sold by country&#39;s latest lender SBI and will have a tenure of just 15 days.

The bonds are being pitched as an alternative to cash donations made to political parties.

Jaitley said the choice has now to be &quot;consciously&quot; made between the existing system of substantial cash donations involving unclean money and other transparent options like cheque, online transactions or electoral bonds.

&quot;While all three methods involve clean money, the first two are totally transparent and the electoral bonds scheme is a substantial improvement in transparency over the present system of no-transparency,&quot; he said.

&quot;The government is willing to consider all suggestions to further strengthen the cleansing of political funding in India. It has to be borne in mind that impractical suggestions will not improve the cash denominated system. They would only consolidate it,&quot; Jaitley wrote.

He said India, despite being?the largest democracy in the world,?has not been able to evolve a transparent political funding system in the last seven decades.

&quot;The round the year functioning of the political parties involves a large expenditure...?These expenditures run into hundreds of crores. Yet there has not been a transparent funding mechanism of the political system,&quot; he said.&nbsp;

The finance minister had last week pitched electoral bonds as an alternative to cash donations

The electoral bonds mechanism is a substantial improvement in transparency over the present system and the government is open to suggestions to further cleanse political funding, Finance Minister Arun Jaitley said today. In a Facebook post, Jaitley said the conventional practice of funding the political system was to take donations as well as undertake expenditures in cash. The sources are anonymous or pseudonymous. The quantum of money was never disclosed and the system ensures unclean money coming from unidentifiable sources. "It is a wholly non-transparent system. Most political groups seem fairly satisfied with the present arrangement and would not mind this status-quo to continue. "The effort, therefore, is to run down any alternative system which is devised to cleanse up the political funding mechanism," Jaitley said. The finance minister had last week announced the contours of the electoral bonds, which will be sold by country's latest lender SBI and will have a tenure of just 15 days. The bonds are being pitched as an alternative to cash donations made to political parties. Jaitley said the choice has now to be "consciously" made between the existing system of substantial cash donations involving unclean money and other transparent options like cheque, online transactions or electoral bonds. "While all three methods involve clean money, the first two are totally transparent and the electoral bonds scheme is a substantial improvement in transparency over the present system of no-transparency," he said. "The government is willing to consider all suggestions to further strengthen the cleansing of political funding in India. It has to be borne in mind that impractical suggestions will not improve the cash denominated system. They would only consolidate it," Jaitley wrote. He said India, despite being?the largest democracy in the world,?has not been able to evolve a transparent political funding system in the last seven decades. "The round the year functioning of the political parties involves a large expenditure...?These expenditures run into hundreds of crores. Yet there has not been a transparent funding mechanism of the political system," he said.

Government open to proposals to further clean up political funding: Jaitley

In a move aimed at electoral reforms, finance&nbsp;minister Arun Jaitley today announced guidelines for electoral bonds for funding of political parties.

The finance minister said the electoral bonds would be available in multiples of Rs 1,000, Rs 10,000, Rs 1 lakh, Rs 10 lakh and Rs 1 crore.

&quot;Interest-free bonds for donation to political parties can&nbsp;be purchased from SBI for 10 days in the months of January, April, July and October,&quot; Jaitley said.

The finance minister in his budget last year had announced the introduction of &quot;electoral bonds&quot; aimed at improving transparency in funding of political parties.

The bonds can only be issued by a notified bank and can be bought using cheques or digital payment, negating the prevalence of hawala money.

All political parties are required to inform the Election Commission about the bonds and from where it would be accessed.

The finance minister in his budget last year had announced the introduction of "electoral bonds" aimed at improving transparency in funding of political parties.

In a move aimed at electoral reforms, finance minister Arun Jaitley today announced guidelines for electoral bonds for funding of political parties. The finance minister said the electoral bonds would be available in multiples of Rs 1,000, Rs 10,000, Rs 1 lakh, Rs 10 lakh and Rs 1 crore. "Interest-free bonds for donation to political parties can be purchased from SBI for 10 days in the months of January, April, July and October," Jaitley said. The finance minister in his budget last year had announced the introduction of "electoral bonds" aimed at improving transparency in funding of political parties. The bonds can only be issued by a notified bank and can be bought using cheques or digital payment, negating the prevalence of hawala money. All political parties are required to inform the Election Commission about the bonds and from where it would be accessed.

Finance minister Jaitley announces guidelines for electoral bonds

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