SangsLegal News The Supreme Court of India strikes down electoral bonds scheme as "unconstitutional"

The Supreme Court of India strikes down electoral bonds scheme as "unconstitutional". 

According to the Chief Justice of India (CJI), the electoral bond scheme infringes upon the freedom of speech and expression as guaranteed by Article 19(1)(a) of the Constitution.

The five-judge bench stated that the right to privacy, a fundamental right, encompasses the citizens' entitlement to political privacy and affiliation.

In response to its ruling, the Supreme Court has invalidated provisions in the Companies Act, Income Tax Act, and Representation of the People Act that pertain to electoral bonds.

Consequently, the issuance of electoral bonds by banks has been immediately halted. The State Bank of India has been instructed to furnish the Election Commission (EC) with a comprehensive report on the procurement of electoral bonds and their subsequent redemption by political parties no later than March 6. The EC, upon receipt of this information, has been directed to disclose all the details on its official website after a week's time.