Photo Credit: ANI
India’s Supreme Court struck down so-called “electoral bonds” as unconstitutional on Thursday (February 15) in a landmark ruling that ruled the controversial financial instruments to support political parties can lead to “quid pro quo”.
A five-judge bench comprising Chief Justice of India DY Chandrachud, Justices Sanjiv Khanna, BR Gavai, JB Pardiwala and Manoj Misra delivered a unanimous verdict on a number of objections challenging the legal validity of the central government’s plan.
The jury concluded that the program was a violation of the right to information and freedom of speech and expression according to Article 19 paragraph 1 letter a) Constitution.
The court also asked State Bank of India (SBI), India’s largest public sector lender, to stop issuing controversial financial instruments.
Electoral bonds were used by individuals and businesses to anonymously finance political parties.
The Supreme Court has examined several aspects of the Constitution with respect to bonds.
The petitioners argued that the failure to disclose information about the contributions to the parties was a violation of several aspects of the Constitution.
These were amendments to Section 29C of the Act on Representation of People, Section 183(3) of the Companies Act, Section 13A letter b) of the Income Tax Act and the right to information pursuant to § 19 paragraph 1 letter constitution.
