SC to hear on March 24 plea against sale of electoral bonds

Chief Justice of India Sharad A. Bobde agreed with advocate Prashant Bhushan to urgently hear a plea by NGO Association for Democratic Reforms to stay the sale of a new set of electoral bonds on April 1, before Assembly elections in crucial States such as West Bengal and Tamil Nadu.

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The Reserve Bank of India (RBI) and the Election Commission had both said that the sale of electoral bonds had become an avenue for shell corporations and entities to park illicit money and even proceeds of bribes with political parties.

Data obtained through RTI has shown that illegal sale windows have been opened in the past to benefit certain political parties.

There is a serious apprehension that any further sale of electoral bonds before the upcoming State elections in West Bengal, Tamil Nadu, Kerala and Assam would further increase illegal and illicit funding of political parties through shell companies.

The scheme had “opened doors to unlimited political donations, even from foreign companies, thereby legitimising electoral corruption at a huge scale, while at the same time ensuring complete non-transparency in political funding”.