Electoral Bond Scheme : On February 15, 2024, the Supreme Court of India ruled the electoral bond program criminally responsible. This regulation, known for allowing political parties to accept unlimited personal contributions, increased the power of big money in Indian politics. By banning electoral bond sales, the Court curtailed the flow of untraceable cash donations.
Supreme Court Strikes Down Electoral Bond Scheme
The highest court in India ordered the State Bank of India (SBI), which issues and redeems these bonds, to give essential information to the Election Commission of India (ECI) within 21 days. This ensured the ruling would be fully executed.
This disclosure will make both of these important data sets accessible to the public on the ECI website. First, electoral bonds acquired after April 12, 2019, stating the amount, buyer, and purchase date. Second, the denomination and date of political parties’ electoral bonds repaid at that time.
The Court’s decision to increase disclosure on political party funding reaffirms its commitment to electoral accountability and openness. By requiring purchase and redemption statistics, people may learn more about political party financing. This action is a major step toward a more responsible and transparent political climate in India.