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Electoral Bonds Struck Down
February 18 , 2024
313 days
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- The Supreme Court struck down the electoral bonds scheme - on grounds it violated citizens' right to information, was unconstitutional.
- It may also lead to quid pro quo arrangements between the political parties and donors.
- The court ordered the State Bank of India to stop issuing bonds and provide details of donations made to the Election Commission.
- The scheme was launched in 2018.
- It is allowed political parties to not disclose contributions received via this route, meaning companies could make unlimited fund transfers.
- According to the Election Commission data, 28,030 electoral bonds worth ₹ 16,437.63 crore were sold between 2016 and 2022.
- The BJP got ₹210 crore in 2017-2018 at the start of the scheme and raked in ₹1,294.14 crore in 2022-23.
- The Indian National Congress is far below at ₹171.02 crore while the All-India Trinamool Congress (AITC) received ₹325 crore and the DMK received ₹185 crore in 2022-2023.
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