The CJI referred a 5 judge constitutional bench of supreme Court to solve the contend of petitioners on “effect of transparency in political funding through electoral bonds”
The anonymous donation of electoral bonds has caused concern ever since it’s introduction in 2018
What are electoral bonds?
Electoral bonds are financial instruments that allow individuals & corporates to make anonymous donation to political parties in India, intended to promote transparency in political funding.
How to donate?
If a person wants to donate any political party he /she have to go any specified branch of SBI , give them money by submiting KYC and buy the bond of your choice. They will give u a bond without Mentioning your name , take those bonds to political party . And the party will submit the bond in SBI to transfer the amount in their account. But the political party which you are going to donate must have secured 1% votes in last elections.
petitioners says 95% of bonds sold in favour of political party. They pointed out that it allows the political parties not to disclose their annual contribution report to the Election Commission of India(ECI) and details of the identity of those who have donated through electoral bonds.
it was introduced in the finance act of 2017 to bring more transparency in political donations by GoI. The issue is not new about electoral bonds ,it started on 2018-19 election with 3 judge constitutional bench but as refered by chief justice DY chandrachur a 5 bench of judge will look in to this matter.
ARGUMENT against electoral bonds;
1.The ruling party controls the banks( SBI)
2.Donated persons name is hidden to public but known to rulling party
3.Unprofitable companies still buys these bonds just to divert their unaccounted money.
Soon the matter will resolve as said by SC so as to conduct fair erection of 2024.