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The central government notified the election bond scheme on 2 January 2018, which was described by the Supreme Court.
The Supreme Court on Friday dismissed a petition related to electoral bonds. The petition demanded a review of his old decision from the court. In the old decision, the court rejected the demand for seizure of Rs 16,518 crore to political parties.
A bench of Chief Justice Sanjeev Khanna, Justice JB Pardiwala and Justice Manoj Mishra rejected the review petition filed by Khem Singh Bhati against the top court’s verdict on August 2, 2024.
The election bond scheme was canceled by a five -judge constitution bench headed by former CJI DY Chandrachud on 15 February 2024. Following the Supreme Court’s decision, the State Bank of India shared the data of the money received in funding with the Election Commission.
BJP is the most donated party –
The Election Commission released the data of electoral bonds on its website on March 14, 2024. The BJP was the highest donation party in this.
From 12 April 2019 to 11 January 2024, the party got the maximum of Rs 6,060 crore.
The second number in the list was Trinamool Congress (1,609 crore) and the Congress party (1,421 crore) on the third.
Know what is the election bond scheme –
Election or Electoral Bond Scheme 2017 was introduced by the then Finance Minister Arun Jaitley. This is a kind of prominent note.
It is also called bank note. Any Indian citizen or company can buy it, and political parties could give funds.
Election Bond Yojana was launched in the year 2018 to make political funding corruption-free.
The government described the scheme as an important ‘electoral reform’ in moving towards the ‘cashless-digital economy’.
Why the election bond scheme came in controversies –
In 2017, while presenting it, Arun Jaitley claimed that this would bring transparency in the funding and election system to political parties.
This will curb black money. At the same time, the protesters said that the identity of the Electoral Bond buyer is not revealed, which can lead to the use of black money in elections.
The petition filed ADR (Association for Democratic Reforms) claimed that this type of electoral funding would promote corruption. Some companies will fund them in unknown ways in those parties, which they benefit from the government.
Bonds up to Rs 1 crore could be purchased –
Any Indian can buy it. Band bans could buy bonds ranging from 1 thousand to 1 crore rupees. The buyer had to give the bank in its entire KYC details.
The identity of the bond buyer remains secret. The party who wants to donate this bond should have received at least 1% votes in the last Lok Sabha or assembly elections.
These bonds were valid for 15 days after releasing the bonds. Therefore, within 15 days, it had to get the Election Commission cash from the verified bank account.
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