Explained: What are electoral bonds and the case in the Supreme Court
FirstpostA Supreme Court bench has agreed to hear a PIL challenging laws permitting funding of political parties through the electoral bond scheme A Supreme Court bench has agreed to hear a PIL challenging laws permitting funding of political parties through the electoral bond scheme. Assuring an early listing, the CJI said, “If it was not for Covid …then I would have heard all of this.” Earlier, Bhushan had sought an urgent listing of the PIL from the apex court on October 4 last year seeking a direction to the Centre not to open any further window for sale of electoral bonds during the pendency of a case pertaining to funding of political parties and alleged lack of transparency in their accounts. Let’s take a look at what are electoral bonds and why Supreme Court has decided to hear a PIL against it: What are electoral bonds Electoral bonds were announced in the 2017 Union Budget as interest-free bearer instruments to anonymously donate money to political parties. The NGO, in its application filed in the pending petition, had claimed that there is a serious apprehension that any further sale of electoral bonds before the upcoming Assembly elections, including in West Bengal and Assam, would further “increase illegal and illicit funding of political parties through shell companies”. It had alleged that as per data on electoral bonds declared by political parties in their audit reports for 2017-18 and 2018-19, the “ruling party had received more than 60 per cent of total electoral bonds issued till date.” The application had claimed that so far more than Rs 6,500 crore worth of electoral bonds have been sold with the majority of donations going to the ruling party.