If the identity of buyers of electoral bonds is not known, the government’s efforts to curtail black money in elections would be “futile”, the Supreme Court said on Thursday.

The Narendra Modi government has been vigorously defending the scheme that allows anonymous donors to buy bonds from banks to fund political parties.

The court made the observation on black money when the Centre said in response to a question that the issuing bank cannot say who bought which bond.

“So far as the electoral bond scheme is concerned, it is the matter of policy decision…,” attorney-general K.K. Venugopal told a bench that included the Chief Justice of India. The Centre asked the court not to interfere now and examine after the elections.

Venugopal, representing the government, said: “It is not the voters’ concern to know where the money comes from….”

The court reserved its judgment.