Banks issuing electoral bonds must STOP immediately: SC

Thu, 15 February 2024

11:07

Supreme Court holds Electoral Bonds scheme is violative of Article 19(1)(a) and unconstitutional. Supreme Court strikes down Electoral Bonds scheme. Supreme Court says Electoral Bonds scheme has to be struck down as unconstitutional.

CJI delivering verdict on electoral bonds: "The only purpose of amending section 182(3) of the companies act becomes otiose after we hold that EB scheme, IT act making non disclosures acceptable and RP Amendment as unconstitutional.

1. EB Scheme, proviso to section 29(1)(c) as amended by section 139 of IT Act and Section 13(b) as amended by Finance act 2015 is violative of article 19(1)(a).

2. The issuing bank shall herewith immediately STOP issuing electoral bonds. SBI shall issue details of the political parties which received electoral bonds and all the particulars received and submit them to ECI by March 6.

3. By March 13 ECI shall publish it on official website political parties to thereafter refund the Electoral bonds amount to the purchasers account.

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