The Supreme Court is set to deliver its judgment on Thursday regarding a series of petitions challenging the legitimacy of the electoral bonds scheme. Chief Justice D Y Chandrachud led the five-judge Constitution bench, which reserved its decision on November 2 last year.
Introduced by the government on January 2, 2018, the electoral bonds scheme aimed to replace cash donations to political parties, enhancing transparency in political funding. Under the scheme’s provisions, electoral bonds can be purchased by any Indian citizen or entity established in the country, either individually or jointly with others.
Only political parties registered under Section 29A of the Representation of the People Act, 1951, and those securing at least 1 percent of the votes polled in the last Lok Sabha or state assembly elections, are eligible to receive electoral bonds. These bonds can only be encashed by eligible political parties through authorized bank accounts, as specified in the notification.
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