In a significant ruling, the Supreme Court declared the electoral bonds scheme unconstitutional, mandating its immediate cessation. Headed by Chief Justice of India Dr. Dhananjaya Yeshwant Chandrachud, the five-judge bench emphasized that anonymous electoral bonds infringe upon citizens’ rights under the Right to Information Act (RTI) and Article 19(1)(a) of the Constitution, which guarantees freedom of speech and expression. Additionally, the bench underscored the fundamental right to privacy, stating that it encompasses citizens’ political privacy and affiliations. As a result, banks have been directed to halt the sale of bonds promptly.
Moreover, the State Bank of India (SBI) has been instructed to disclose details of electoral bonds encashed by political parties from April 12, 2019, onwards to the Election Commission of India (ECI) by March 6, with the information set to be published on the ECI website by March 31, 2024. The court mandated that SBI must disclose each encashment within three weeks, providing comprehensive information including contributors’ names, date of encashment, and currency denomination. Additionally, political parties are required to return all electoral bonds within the 15-day validity period to the purchasers. The ruling also deemed various legislative amendments, such as those to the Representation of Peoples (RP) Act and Income Tax laws, as invalid, emphasizing the unconstitutional nature of corporate political funding provisions within the Companies Act.
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