In a landmark decision, the Supreme Court has dealt a significant blow to the opaque world of electoral financing by striking down the controversial Electoral Bonds scheme as unconstitutional. The court has issued a series of directives aimed at shedding light on the murky dealings of political parties.
Firstly, the issuing bank, State Bank of India, has been instructed to halt the issuance of electoral bonds immediately. Additionally, the State Bank of India is mandated to furnish comprehensive details regarding the purchase and encashment of electoral bonds since the interim order of April 12, 2019. These details must encompass crucial information such as the date of purchase, the purchaser’s identity, and the denomination of each electoral bond.
Crucially, the State Bank of India is required to divulge information regarding the political parties that have received contributions through electoral bonds since the aforementioned interim order. This disclosure must include specifics of each bond encashed, including the date of encashment and the bond denomination.
The Supreme Court has set a strict timeline for compliance, demanding that the State Bank of India submits the requisite information to the Election Commission of India within three weeks. Subsequently, the Election Commission is tasked with publishing this data on its website by March 13, 2024, ensuring transparency and accountability in the electoral process.
Furthermore, the court has decreed that electoral bonds within their 15-day validity period, yet to be encashed by political parties, must be promptly returned to the purchaser. In such instances, the issuing bank is obligated to refund the amount to the purchaser’s account, safeguarding against potential misuse of funds.
This landmark judgment was delivered by a distinguished panel comprising Chief Justice of India DY Chandrachud, along with Justices Sanjiv Khanna, BR Gavai, JB Pardiwala, and Manoj Misra. The verdict stemmed from a series of writ petitions filed by entities including the Association for Democratic Reforms, the Communist Party of India (Marxist), and Dr. Jaya Thakur, represented by a team of eminent advocates including Kapil Sibal, Prashant Bhushan, Shadan Farasat, Nizam Pasha, Vijay Hansaria, and Sanjay Hegde.
Representing the Union were Attorney General for India R Venkataramani and Solicitor General of India Tushar Mehta. In a resounding victory for transparency and democratic principles, the Supreme Court’s decision marks a significant step towards ensuring accountability in electoral financing.
