After Supreme Court Decision, Govt Exploring Options on Future of Electoral Bonds: Reports

New Delhi: A day after Supreme Court struck down practice of anonymous funding through electoral bonds scheme, news agency ANI reported, citing sources on Friday that striking down of electoral bonds will leave political parties with no way to regulate cash funding as attempts to check flow of black money via political funding “will go for a toss”. 

Sources told ANI that discussions are underway to explore all options available with government for future course of action on electoral bonds.

In a landmark verdict just months ahe of Lok Sabha polls, Supreme Court h on Thursday scrapped Centre's electoral bonds scheme of political funding, calling it "unconstitutional" and ordering disclosure of bond's donors, amount and recipients by March 13.

Holding that 2018 scheme was "violative" of constitutional right to freedom of speech and expression and right to information, a five-judge Constitution bench heed by Chief Justice DY Chandrachud also rejected Centre's contention that it was meant to bring about transparency and curb black money in political funding. 

Ordering closure of controversial scheme forthwith, top court also directed State Bank of India(SBI), authorised financial institution under scheme, to submit by March 6 details of electoral bonds purchased since April 12, 2019 till date to Election Commission of India(ECI), which will publish information on its official website by March 13.

It ordered that uncashed electoral bonds, which are within validity period of 15 days, shall be returned by political party or purchaser to issuing bank which in turn shall refund amount to purchaser's account.

(With inputs from PTI)