The Supreme Court has taken a significant step in addressing the challenges posed by the electoral bond scheme for political party funding. The court has decided to refer these pleas to a five-judge constitution bench, seeking an authoritative ruling on the matter. This development marks a crucial turn in the ongoing debate surrounding political funding and transparency in India.
Electoral Bond Scheme Introduction
The electoral bond scheme was introduced by the government on January 2, 2018, with the aim of providing an alternative to traditional cash donations to political parties. This move was made to enhance transparency in political funding. Under this scheme, electoral bonds can be purchased by individuals who are citizens of India or entities incorporated or established within the country. Moreover, these bonds can be acquired by an individual alone or jointly with others.
Supreme Court’s Decision
Initially, a bench headed by Chief Justice D Y Chandrachud had scheduled a final hearing for four Public Interest Litigations (PILs) challenging the electoral bond scheme for October 31 and November 1. However, in a recent development, the Supreme Court has decided to elevate the importance of these cases. Now, a five-judge bench will handle these cases on the previously scheduled dates.
This move signifies the growing significance of the electoral bond scheme issue in the political landscape of India. It has the potential to shape the future of political funding and transparency, and the decision of the five-judge bench is eagerly awaited by all concerned parties.
