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• Five-judge SC bench assembles to pronounce verdict on pleas challenging validity of electoral bonds scheme

The Supreme Court is scheduled to pronounce its verdict on a set of petitions challenging the validity of the electoral bonds scheme, which the Opposition has described as "opaque", on Thursday.

A five-judge Constitution bench, led by Chief Justice DY Chandrachud, reserved its verdict on November 2 last year. The electoral bonds scheme, introduced by the government on January 2, 2018, was seen as a solution to replace cash donations and enhance transparency in political funding.

Electoral bonds serve as a financial instrument allowing individuals and businesses to contribute funds to political parties discreetly, without revealing their identities.

Under the provisions of the scheme, any citizen of India or entity incorporated or established in the country can purchase electoral bonds. These bonds are available in various denominations, ranging from Rs 1,000 to Rs 1 crore, and can be obtained at all branches of the State Bank of India (SBI). These donations are also interest-free.

The petitioners argue electoral bonds scheme defeats the citizen's right to be informed about the sources of funding of political parties which is a fundamental right under Article 19(1)(a) of the Constitution. Appearing for the petitioners, senior advocate Prashant Bhushan had said last year that the "opaque" and "anonymous instrument" promotes corruption.

Notified in 2018

The electoral bonds scheme, which was notified by the government on January 2, 2018, was pitched as an alternative to cash donations made to political parties as part of efforts to bring transparency in political funding.

According to the provisions of the scheme, electoral bonds may be purchased by any citizen of India or entity incorporated or established in the country. An individual can buy electoral bonds, either singly or jointly with other individuals.

Only political parties registered under Section 29A of the Representation of the People Act, 1951 and which secured not less than one per cent of the votes polled in the last Lok Sabha or state legislative assembly election are eligible to receive electoral bonds.

According to the scheme, electoral bonds shall be encashed by an eligible political party only through an account with an authorised bank.

Opposition cries foul

The Congress has been opposing the electoral bonds scheme, alleging that the BJP is cornering all the wealth from business houses.

The Congress has alleged the electoral bonds scheme is one of the most diabolical acts of the Narendra Modi government as it undermines the electoral system and democracy in the country.

Congress general secretary, communications, Jairam Ramesh said the electoral bonds scheme, which former Reserve Bank of India (RBI) governor Urjit Patel had opposed, is not only a method to convert black money into white, but also ensures a financial hold of the ruling BJP over political donations made by business houses.

This, he said, is leading to economic and political concentration of wealth.

"It was not unknown that Dr Urjit Patel as the Governor of the RBI had opposed the electoral bonds scheme of the Modi government. Now the memoir of the-then Finance Secretary confirms that Dr Patel insisted electoral bonds should only be issued by the RBI and that too in digital mode -- ensuring transparency," Ramesh said on X.