In Pics: Major Takeaways From Supreme Court Verdict To Stop Electoral Bond Scheme

Led by Chief Justice Chandrachud and Justice Sanjiv Khanna, the Supreme Court unanimously declared the electoral bonds scheme unconstitutional.

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Key concerns included potential breaches of the right to information (Article 19(1)(a) of the Constitution) and the risk posed by unlimited corporate funding to the integrity of democratic elections.

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The Supreme Court highlighted concerns over possible quid pro quo in political financing, declaring the electoral bonds scheme not the sole means to combat black money. Stressing the anonymity of bonds, it noted a violation of citizens' right to information, advocating transparency in funding for democratic values.

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The Supreme Court emphasised corporations' heightened influence in politics, exceeding individual contributions. Criticising amendments to the Companies Act, the bench implied that corporate donations in political funding were seen solely as business transactions.

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The Supreme Court ordered an immediate halt to the issuance of electoral bonds by banks, notably the State Bank of India. Mandates included disclosing donation details and recipient parties.

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The SBI is also directed to submit information to the Election Commission of India for publication by March 13. Additionally, bonds are to be returned and refunded to purchasers.

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In total, including the latest tranche, Rs 16,518.11 crore electoral bonds have been sold by the State Bank of India so far.

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Total number of electoral bonds worth Rs 12,008 crore was sold between 2018-2023 to BJP,nearly receiving 55% or Rs 6,564 crore.

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Congress has received just 9.5% of all bonds sold in the five-year period at Rs 1,135 crore.

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