#electoralbonds

[satyanewshindi]

Electoral Bonds को लेकर सर्वोच्च न्यायालय ने SBI को दिया प्रतिक्रिया जताई निराशा

[newz-archive]

Supreme Court Invalidates Electoral Bonds: Countering Arun Jaitley’s Arguments

In a landmark decision, a five-judge constitution bench of the Supreme Court has declared the electoral bonds scheme unconstitutional, citing its violation of the Right to Information Act and thereby impinging on the Fundamental Right to Freedom of Speech and Expression under Article 19(1)(a) of the Constitution.

Former Finance Minister Arun Jaitley had introduced the Electoral Bonds Scheme on January 2, 2018, in the Lok Sabha, emphasizing its potential to mitigate the influx of black money into political party funding. However, the scheme faced judicial scrutiny, culminating in its recent nullification by the apex court.

Key Points from the Supreme Court Verdict:

The court asserted that transparency regarding political party funding is indispensable, highlighting that the electoral bonds scheme undermines the right to information.

Chief Justice of India D Y Chandrachud elaborated on the inherent quid pro quo between political funding and policy-making, deeming the lack of disclosure regarding corporate funding as unconstitutional.

Contrary to the government’s argument of curbing black money, the court held that the objective doesn’t justify compromising fundamental rights. It applied a three-pronged test, as outlined in the 2017 Justice K S Puttaswamy (retd) v Union of India ruling, emphasizing that the electoral bond scheme wasn’t the least restrictive method available.

The court invalidated amendments to the Income Tax Act and Section 29C of the Representation of the People Act.

Arguments Presented by Arun Jaitley:

In defense of the electoral bonds scheme, Jaitley contended that disclosing individual donor contributions would discourage donations, potentially reverting to less desirable cash-based donations. He argued that the scheme represented a significant improvement in transparency compared to the existing opaque funding system. Jaitley highlighted the prevailing non-transparent political funding ecosystem and emphasized the need for reform. He outlined the features of the electoral bonds scheme, emphasizing its transparency through banking instruments and mandatory disclosure requirements for both donors and political parties.

A recent Supreme Court ruling has invalidated the electoral bonds scheme, a brainchild of former Finance Minister Arun Jaitley, citing its infringement upon the Right to Information Act and fundamental rights enshrined in the Constitution. Introduced in 2018 as a measure to tackle black money in political funding, the scheme faced constitutional scrutiny, culminating in its annulment by the apex court.

The court’s decision underscored the imperative of transparency in political funding, rebuffing the government’s argument of curbing black money through the electoral bonds scheme. Chief Justice D Y Chandrachud elucidated the symbiotic relationship between political funding and policymaking, deeming the lack of disclosure regarding corporate funding unconstitutional. Additionally, the court applied a rigorous test, concluding that the scheme failed to meet the standards of least restriction on fundamental rights.

Jaitley, in defense of the electoral bonds scheme, argued that mandatory disclosure of donor contributions could dissuade donations, potentially reverting to less desirable cash-based transactions. He emphasized the scheme’s role in enhancing transparency compared to the existing opaque funding practices.

In essence, the Supreme Court’s verdict not only nullifies the electoral bonds scheme but also underscores the significance of transparency and accountability in political funding, setting a significant precedent for future electoral reforms.

[college-buz]

Election Bonds Worth ₹ 16,000 Crore Sold Till 2022. Who Got How Much

The Bharatiya Janata Party is likely to be hit the hardest with the Supreme Court scrapping the electoral bonds scheme, as the party received over 60% of the donations made under the scheme between 2016-2022. Just months ahead of the Lok Sabha 2024 polls, a five-judge bench, headed by Chief Justice DY Chandrachud, declared the electoral bonds scheme unconstitutional. The court said that the scheme infringes upon the citizens' fundamental right to information.

Electoral bonds are a financial instrument that allows individuals and businesses to make anonymous donations to political parties. They were introduced by the BJP government in 2018 as an alternative to cash donations. They were pitched as an initiative to bring transparency in political funding.

According to Election Commission data, 28,030 electoral bonds worth ₹ 16,437.63 crore were sold between 2016 and 2022.

The BJP was the primary beneficiary of these donations and received ₹ 10,122 crore, nearly 60% of the total donations. The main opposition Congress party came a distant second, receiving ₹ 1,547 crore or 10 per cent in the same period, while West Bengal's ruling Trinamool Congress got ₹ 823 crore or 8 per cent of all electoral bonds.

Donations made to the BJP through electoral bonds were three times more than that of all other 30 parties combined on the list.

EC data also shows that from 2017 to 2022, the BJP received over five times the donations through electoral bonds than the Congress did.

While the electoral bonds had been brought to curb black money and bring transparency into political donations, the Supreme Court today said that the objectives do not justify the scheme. Additionally, it highlighted that alternative methods could effectively achieve these goals.

[g04distributors]

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[dhaneshramchandani]

ARVIND KEJRIWAL LIVE: जेल से छूटने के बाद पहली प्रेस कांफ्रेंस

[balajiindiaofficial]

Covidshield वैक्सीन का जबरदस्त खुलासा | जान की कोई कीमत नही | #covid19 #covidvaccine #electoralbond

[nomadiceve070]

Godi Media- जब एक टमाटर की वजह से Smriti Irani ने कर दी Sudhir Chaudhary की सरेआम बेइज्जती! Funny

Sudhir Chaudhary insulted by Smriti Irani on national television. #sudhirchaudhary #smritiirani #sudhirchaudharyinsult #godimedia #funnymemes #funnyvideos #loksabhaelection2024 #warrukwadipapa #indianews #hindinews #electoralbonds #godimediainsult #godimediaexposed #godimediaoftheweek

[divakarbs]

Indian political memes part #203 #annamalai #electoralbond

[sns24news]

इलेक्टोरल बॉण्ड क्या है माजरा ? #electoralbonds #sbi #cji #supremecourt ...

[newz-archive]

Supreme Court Strikes Down Electoral Bonds Scheme as Unconstitutional: A Blow to Anonymous Political Funding

In a significant verdict delivered recently, the Supreme Court of India declared the electoral bonds scheme as “unconstitutional.” This ruling marks a watershed moment in the country’s electoral landscape, with far-reaching implications for political funding and transparency.

A unanimous decision by a five-judge Constitution bench, led by Chief Justice DY Chandrachud, held that the anonymous nature of the electoral bonds scheme violates the fundamental right to information enshrined in Article 19(1)(a) of the Indian Constitution. The verdict comes after a series of legal challenges to the central government’s scheme, which allowed for undisclosed funding to political parties.

The court emphasized the critical role of political parties in the electoral process and underscored the importance of transparency in funding for making informed electoral choices. Consequently, the Supreme Court directed the State Bank of India (SBI) to cease issuing any further electoral bonds, signaling an end to the controversial system.

The ruling is a setback for the Bharatiya Janata Party (BJP), which has been the primary beneficiary of the electoral bond scheme since its introduction in 2017. Additionally, the court mandated the SBI to furnish details of electoral bonds purchased from April 12, 2019, onwards to the Election Commission, further enhancing transparency in political funding.

Advocate Prashant Bhushan hailed the verdict as a significant step towards safeguarding electoral democracy, emphasizing that it upholds citizens’ right to information regarding political contributions. The court’s decision nullifies the provisions introduced in various laws, including the Income Tax Act and the Companies Act, pertaining to the implementation of the electoral bonds scheme.

Initially pitched as an alternative to cash donations, the electoral bonds scheme allowed individuals and entities incorporated in India to purchase bonds, which could then be donated to eligible political parties. However, only parties meeting specific criteria, such as securing at least 1% of votes in previous elections, were eligible to receive these bonds.

Despite initial legal challenges, the apex court had declined to stay the scheme in April 2019, opting instead to delve deeper into the issues raised by the Centre and the Election Commission. The Constitution bench, during hearings, stressed the need to reduce the reliance on cash in the electoral process, highlighting the broader implications for the sanctity of elections in the country.

The verdict represents a significant victory for transparency and accountability in political funding. It underscores the judiciary’s role in upholding democratic principles and ensuring that electoral processes remain fair and equitable. With the electoral bonds scheme now deemed unconstitutional, the focus shifts towards exploring alternative mechanisms that promote transparency and public trust in India’s democratic institutions.

[seemabhatnagar]

#ElectoralBond Scheme

Association for Femocratic Reforms and Another v.  Union of India and Others

WP(C) 880/2017

Before Supreme Court of India

Writ Petition was allowed on 15.02.2024

On 2 January 2018, the Ministry of Finance in the Department of Economic Affairs notified the Electoral Bond Scheme 2018 in exercise of the power under Section 31(3) of the RBI Act.

The Electoral Bond is issued in the nature of promissory note which is a bearer banking instrument and does not carry the name of the buyer.

The scheme allowed anonymous donations to political parties through interest-free financial instruments.

The scheme was challenged by several petitioners, including the Association for Democratic Reforms, who argued that it violated the voter’s right to information, the principle of free and fair elections, and the equality clause of the Constitution.

On 15 February 2024, a five-judge Constitution Bench of the Supreme Court, led by Hon’ble Mr. Chief Justice D.Y. Chandrachud, unanimously struck down the scheme as unconstitutional, holding that it infringed on the fundamental right of the voters to know the source of funding of the political parties

The features of the Scheme are as under:

The Bond may be purchased by a person who is (i) a citizen of India; or (ii) incorporated or established in India. ‘Person’ includes (a) an individual; (b) a Hindu undivided family; (c) a company; (c) a firm; (d) an association of persons or a body of individuals, whether incorporated or not; (e) every artificial juridical person, not falling within any of the above categories; and (f) any agency, office, or branch owned or controlled by such a person. An individual can buy bonds either singly or jointly with other individuals;

An Electoral Bond can only be encashed by an eligible political party. A political party, to be eligible to receive an electoral bond, has to be registered under Section 29A of the RP Act, and ought to have secured not less than one per cent of the votes polled in the last general election to the House of the People or the Legislative Assembly of the State. An eligible political party can encash a bond only through a bank account with an authorised bank. The scheme has notified the State Bank of India as the bank authorised to issue and encash bonds;

The instructions issued by the Reserve Bank of India regarding KYC apply to buyers of the bond. The authorised bank may call for additional KYC documents if necessary;

Payments for the issuance of the bond are accepted in Indian rupees, through demand draft, cheque, Electronic Clearing System or direct debit to the buyer’s account. Where payment is made by cheque or demand draft, it must be drawn in favour of the issuing bank at the place of issue;

The bonds are issued in denominations of Rs 1000, 10,000, 1,00,000, 10,00,000 and 1,00,00,000;

The bond is valid for fifteen days from the date of issue. No payment will be made to a political party if the bond is deposited after the expiry of fifteen days. If the bond is not encashed within fifteen days, it will be deposited by the authorised bank with the Prime Minister’s Relief Fund;

A buyer who wishes to purchase electoral bond(s) can apply in the format specified in Annexure II of the Scheme. issue the bond if all the requirements are fulfilled. The application shall be rejected if the application is not KYC compliant or if the application does not meet the requirements of the scheme;

The bond issued is non-refundable;

The information furnished by the buyer is to be treated as confidential by the authorized bank. It shall be disclosed only when demanded by a competent court or upon the registration of criminal case by any law enforcement agency;

The bond shall be available for purchase for a period of ten days on a quarterly basis, in the months of January, April, July, and October as specified by the Central Government. Bonds will be available for an additional period of thirty days as specified by the Central Government in a year when General Elections to the House of People are to be held;

No interest is payable on the bond. No commission, brokerage, or any other charges for issue of a bond shall be payable by the buyer against purchase of the bond;

The value of the bonds shall be considered as income by way of voluntary contributions received by an eligible political party for the purpose of exemption from Income Tax under Section 13A of the IT Act; and

The bonds are not eligible for trading.

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