The supreme court pronounced its decision on February 15, upheld constitutional rights of people rejecting electoral bonds with immediate effect, that thwarted right to information about the income from the anonymous sources funding to the registered political parties through electoral bonds.
What is electoral bonds?
A medium through which funds are sent to the political parties by an individual, groups or committee through purchasing of electoral bonds.
In India, the electoral bonds firstly brought in the parliament as finance bill in 2017 later in 2018 it was enacted.
Provisions of this electoral bonds.
The identities of the donars would be kept secrets and not disclosed. The donars had to purchase the specified bonds either in 1000 rupees bond, ten thousand, 1 lakh, 10 lakhs and 1 crore. Since these transactions are done with government banking institution, so it has more transparency as government claimed.
Criticism of the electoral bonds
The electoral bonds had been criticism since it's enactment due to many ways.
1. It is not revealed who is funding to whom. And which Pary is getting how much funds.
2. This all restrains access to right to information and somehow compromised with the RTI act.
3. It promoted Croni capitalism.
Government stance on this issue
Government claimed that the electoral bonds scheme doesn't not disclose the identity of the donars so it protect the right to privacy of the donars.
It restrain blackmoney, because the transaction are digital and done through bank ( State Bank of India), and no other institutions were allowed to function with it.
Supreme court stands
The supreme court uphelding the fundamental rights rejected the electoral bonds with immediate effect from 15 February arguing that this scheme violates RTI act and Article 19(1) A .
It promoted quid pro quo in which corporates can dominate government decisions. The corporates have large domination on government than common people.
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thank you