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A five-judge bench of the Supreme Court of India unanimously struck down the electoral bonds scheme, as well as amendments to the Companies Act, Income Tax Act and Representatives of the People Act, that had allowed corporations to anonymously make unlimited financial contributions to political parties. The court found that anonymous political funding promoted corruption and a culture of quid pro quo with the ruling party, led to the unrestrained influence of corporates in the electoral process, and violated voters' right to information under Article 19(1)(a) of the Constitution. The court also asked the State Bank of India, which handled electoral bonds, to provide details of bonds purchased so far to the Election Commission, which must then release this information on its website.

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this post was submitted on 15 Feb 2024
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