{"id":246252,"date":"2021-03-29T16:14:51","date_gmt":"2021-03-29T10:44:51","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=246252"},"modified":"2021-04-02T12:57:02","modified_gmt":"2021-04-02T07:27:02","slug":"electoral-bonds-scheme-not-behind-iron-curtains-incapable-of-being-pierced-read-why-supreme-court-refused-to-interfere-with-the-scheme","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2021\/03\/29\/electoral-bonds-scheme-not-behind-iron-curtains-incapable-of-being-pierced-read-why-supreme-court-refused-to-interfere-with-the-scheme\/","title":{"rendered":"‘Electoral Bonds Scheme not behind iron curtains incapable of being pierced’; Read why Supreme Court refused to interfere with the Scheme"},"content":{"rendered":"

Supreme Court:<\/strong> The 3-judge bench of SA Bobde, CJ and AS Bopanna and V, Ramasubramanian, JJ has refused to interfere with the scheme of sale of electoral bonds by the Political Parties challenged on the ground that it allows the donors of political parties to maintain anonymity which is not healthy for a democracy<\/em><\/strong>. The Court said that even though the Scheme provides anonymity, it is intended to ensure that everything happens only through banking channels<\/em> <\/strong>and that,<\/p>\n

\n

\u201cAll that is required is a little more effort to cull out such information from both sides (purchaser of bond and political party) and do some \u201cmatch the following\u201d. Therefore, it is not as though the operations under the Scheme are behind iron curtains incapable of being pierced.\u201d<\/span><\/p>\n<\/blockquote>\n

The following prayers were made before the Court: <\/strong><\/p>\n

(i)\u00a0 A declaration that all national and regional political parties are public authorities under the Right to Information Act, 2005;<\/p>\n

(ii) A direction to the Election Commission of India to collect all information concerning the finances of political parties;<\/p>\n

(iii) A direction to all national and regional political parties to mandatorily disclose complete details about their income, expenditure, donations and funding as well as full details of the donors.<\/p>\n

Analysis <\/strong><\/span><\/h3>\n

Explaining the Scheme, the Court said that while the identity of the purchaser of the bond is withheld, it is ensured that unidentified\/ unidentifiable persons cannot purchase the bonds and give it to the political parties.<\/p>\n

Under clause 7 of the Electoral Bonds Scheme, 2018, buyers have to apply in the prescribed form, either physically or online disclosing the particulars specified therein. Though the information furnished by the buyer shall be treated confidential by the authorised bank and shall not be disclosed to any authority for any purposes, it is subject to one exception namely when demanded by a competent court or upon registration of criminal case by any law enforcement agency. A non-KYC compliant application or an application not meeting the requirements of the scheme shall be rejected.<\/p>\n

\n

\u201cIf the purchase of the bonds as well as their encashment could happen only through banking channels and if purchase of bonds are allowed only to customers who fulfill KYC norms, the information about the purchaser will certainly be available with the SBI which alone is authorised to issue and encash the bonds as per the Scheme.\u201d<\/span><\/p>\n<\/blockquote>\n

Moreover, any expenditure incurred by anyone in purchasing the bonds through banking channels, will have to be accounted as an expenditure in his books of accounts. The trial balance, cash flow statement, profit and loss account and balance sheet of companies which purchase Electoral Bonds will have to necessarily reflect the amount spent by way of expenditure in the purchase of Electoral Bonds.<\/p>\n

Further, the financial statements of companies registered under the Companies Act, 2013 which are filed with the Registrar of Companies, are accessible online on the website of the Ministry of Corporate Affairs for anyone. They can also be obtained in physical form from the Registrar of Companies upon payment of prescribed fee. Since the Scheme mandates political parties to file audited statement of accounts and also since the Companies Act requires financial statements of registered companies to be filed with the Registrar of Companies, the purchase as well as encashment of the bonds, happening only through banking channels, is always reflected in documents that eventually come to the public domain.<\/p>\n

The apprehension that foreign corporate houses may buy the bonds and attempt to influence the electoral process in the country was also found to be \u201cmisconceived\u201d. Under Clause 3 of the Scheme, the Bonds may be purchased only by a person, who is a citizen of India or incorporated or established in India.<\/p>\n

The Court, hence, found no reason to interfere with the Scheme.<\/p>\n

[Association for Democratic Reforms v. Union of India, 2021 SCC OnLine SC 266<\/b><\/a>, decided on 26.03.2021]<\/p>\n

\n

Appearances before the Court by:<\/strong><\/p>\n

For appellant<\/strong>: Advocate Prashant Bhushan,<\/p>\n

For Union of India:<\/strong> Attorney General KK Venugopal<\/p>\n

For ECI: Senior Advocate Rakesh Dwivedi<\/p>\n

\n","protected":false},"excerpt":{"rendered":"

\u201cAll that is required is a little more effort to cull out such information from both sides (purchaser of bond and political party) and do some \u201cmatch the following\u201d.”<\/p>\n","protected":false},"author":121,"featured_media":243205,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3,9],"tags":[13881,14051,34893,21674,3323,2606],"class_list":["post-246252","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-casebriefs","category-supremecourt","tag-election-commission-of-india","tag-elections","tag-electoral-bonds","tag-fairness","tag-political_parties","tag-right_to_information"],"yoast_head":"\n'Electoral Bonds Scheme not behind iron curtains incapable of being pierced'; Read why Supreme Court refused to interfere with the Scheme | SCC Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.scconline.com\/blog\/post\/2021\/03\/29\/electoral-bonds-scheme-not-behind-iron-curtains-incapable-of-being-pierced-read-why-supreme-court-refused-to-interfere-with-the-scheme\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"'Electoral Bonds Scheme not behind iron curtains incapable of being pierced'; 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Accordingly, it issued notice to the SBI and directed the matter to be posted for 18-03-2024.","rel":"","context":"In "Hot Off The Press"","block_context":{"text":"Hot Off The Press","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/hot_off_the_press\/"},"img":{"alt_text":"electoral bonds","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/03\/electoral-bonds.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/03\/electoral-bonds.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/03\/electoral-bonds.webp?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/03\/electoral-bonds.webp?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":317105,"url":"https:\/\/www.scconline.com\/blog\/post\/2024\/03\/15\/electoral-bond-case-supreme-court-notice-sbi-disclose-eb-unique-numbers-revealing-link-between-donors-political-parties\/","url_meta":{"origin":246252,"position":1},"title":"[Electoral Bond Case] Supreme Court directs SBI to disclose EB unique numbers revealing link between donors and political parties","author":"Apoorva","date":"March 15, 2024","format":false,"excerpt":"On 12-03-2024, SBI has furnished the electoral bonds details to the Election Commission of India in compliance with the court's order. Subsequently, on 14-03-2024 ECI uploaded the electoral bonds data supplied by SBI on its official website.","rel":"","context":"In "Case Briefs"","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"Electoral Bond Case","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/03\/Electoral-Bond-Case.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/03\/Electoral-Bond-Case.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/03\/Electoral-Bond-Case.webp?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/03\/Electoral-Bond-Case.webp?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":314200,"url":"https:\/\/www.scconline.com\/blog\/post\/2024\/02\/15\/electoral-bonds-violative-right-to-information-art-191a-constitution-supreme-court-strikes-down-unconstitutional\/","url_meta":{"origin":246252,"position":2},"title":"Supreme Court strikes down Electoral Bonds Scheme for being violative of right to information under Art. 19(1)(a) of Constitution","author":"Apoorva","date":"February 15, 2024","format":false,"excerpt":"The 5-Judge Constitution Bench heard a batch of cases challenging the controversial electoral bonds scheme over three days, before reserving the verdict in November.","rel":"","context":"In "Case Briefs"","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"Electoral Bond Scheme","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/02\/URGENT-1-1.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/02\/URGENT-1-1.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/02\/URGENT-1-1.webp?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/02\/URGENT-1-1.webp?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":304954,"url":"https:\/\/www.scconline.com\/blog\/post\/2023\/10\/16\/supreme-court-refers-electoral-bonds-scheme-to-constitution-bench-legal-news\/","url_meta":{"origin":246252,"position":3},"title":"Supreme Court refers 2018 Electoral Bonds Scheme Case to 5-judge Constitution Bench","author":"Apoorva","date":"October 16, 2023","format":false,"excerpt":"The Finance Act, 2017 introduced a system by which electoral bonds could be issued by any scheduled bank for the purpose of electoral funding.","rel":"","context":"In "Hot Off The Press"","block_context":{"text":"Hot Off The Press","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/hot_off_the_press\/"},"img":{"alt_text":"Electoral Bonds Scheme","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/10\/Electoral-Bonds-Scheme.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/10\/Electoral-Bonds-Scheme.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/10\/Electoral-Bonds-Scheme.webp?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/10\/Electoral-Bonds-Scheme.webp?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":213594,"url":"https:\/\/www.scconline.com\/blog\/post\/2019\/04\/12\/sc-asks-all-parties-to-submit-details-of-political-funding-received-through-electoral-bonds\/","url_meta":{"origin":246252,"position":4},"title":"SC asks all parties to submit details of political funding received through electoral bonds","author":"Prachi Bhardwaj","date":"April 12, 2019","format":false,"excerpt":"Supreme Court: The 3-judge bench of Ranjan Gogoi, CJ and Deepak Gupta and Sanjiv Khanna, JJ has directed\u00a0all the political parties who have received donations through Electoral Bonds to submit, detailed particulars of the donors as against each Bond; the amount of each such bond and the full particulars of\u2026","rel":"","context":"In "Case Briefs"","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Supreme-Court_Colour.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Supreme-Court_Colour.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Supreme-Court_Colour.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Supreme-Court_Colour.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Supreme-Court_Colour.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":213567,"url":"https:\/\/www.scconline.com\/blog\/post\/2019\/04\/11\/sc-to-pronounce-verdict-on-centres-electoral-bonds-scheme-for-political-funding-tomorrow\/","url_meta":{"origin":246252,"position":5},"title":"SC to pronounce verdict on Centre’s electoral bonds scheme tomorrow","author":"Prachi Bhardwaj","date":"April 11, 2019","format":false,"excerpt":"Supreme Court: The Court has eserved its order on a PIL challenging the government's electoral bond scheme for political funding. The\u00a0bench headed by Chief Justice Ranjan Gogoi said it would pronounce its order tomorrow on the plea filed by NGO, Association of Democratic Reforms (ADR). The NGO, which has challenged\u2026","rel":"","context":"In "Hot Off The Press"","block_context":{"text":"Hot Off The Press","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/hot_off_the_press\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Supreme-Court_Colour.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Supreme-Court_Colour.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Supreme-Court_Colour.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Supreme-Court_Colour.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Supreme-Court_Colour.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/246252","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/users\/121"}],"replies":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/comments?post=246252"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/246252\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media\/243205"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=246252"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=246252"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=246252"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}