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

New Delhi: A day after the Supreme Court struck down the practice of anonymous funding through electoral bonds scheme, news agency ANI reported, citing sources on Friday that the striking down of electoral bonds will leave political parties with no way to regulate the cash funding as attempts to check the 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 the government for future course of action on electoral bonds.

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

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

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

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

(With inputs from PTI)