Explain the constitutionality of the electoral bond and recent landmark judgment

The Government Adopted The Electoral Bond Scheme In The 2017 Finance Bill, Which Went Into Effect In 2018. This Strategy Involves Issuing Electoral Bonds, Which Are Instruments Or Securities Used To Donate Funding To Political Parties. These Bonds Are Similar To Bearer Bonds Or Promissory Notes In That The Custodian (Bank) Pays The Bondholder (Political Party).

Because Electoral Bonds Are Bearer Instruments, No Ownership Information Is Recorded, And The Holder Is Considered To Be The Owner, The Name And Other Data Or Information Of The Donor Are Not Recorded On The Instrument, Making Electoral Bonds Anonymous.

An Electoral Bond Is A Financial Method For Donating To Political Parties. The General Public May Also Issue Electoral Bonds To Fund Eligible Political Parties. To Receive Electoral Bonds, A Political Party Qualified To Undertake Campaigns Must First Register Under Section 29a Of The Representation Of The People Act Of 1951.

Electoral Bonds, Like Banknotes, Are Receivable To The Bearer Without Interest Or Demand. Individuals Can Purchase These Bonds Digitally, With A Dd Or A Cheque.

Explain the constitutionality of the electoral bond and recent landmark judgment
Constitutionality Of The Electoral Bond

The Supreme Court's Five-Judge Constitution Bench Unanimously Ruled That The Centre's Electoral Bond Scheme, Which Allows For Anonymous Political Payments, Is Unconstitutional. It Stressed That The Plan Infringes On The Right To Information Guaranteed By Article 19(1)(A) Of The Constitution. The Court also Overturned Modifications To The Income Tax Act Of 1961 And The Representation Of The People Act Of 1951 That Allowed For Anonymous Political Contributions.

  • Violation Of The Right To Information Under Article 19(1)(A) Of The Constitution: The Court Ruled That The Program, Which Allowed Anonymous Political Donations, Violated Article 19(1)(A) Of The Constitution. It Stated That Such A Right Is Not Just Limited To Ensuring Freedom Of Speech And Expression, But Also Plays An Important Role In Advancing Participatory Democracy By making the Government Accountable. As A Result, It Is More Than A Means To An End; It Is An End In Itself. It Emphasized That Economic Inequality Results In Varying Levels Of Political Engagement Due To The Close Relationship Between Money And Politics. As A Result, There Is A Legitimate Risk That A Financial Contribution To A Political Party Will Result In Quid Pro Quo Arrangements.

  • Not Proportionally Justifiable To Limit Black Money In Electoral Finance: The Court Rejected The Government's Contention That The Plan Reduces Illicit Money And Its Circulation, Stating That It Does Not Justify The Infringement On Fundamental Rights. Using The Proportionality Test Established In Its 2017 Decision In The Ks Puttaswamy Case, Which Maintained The Right To Privacy, It Highlighted That The Government Did Not Choose The Least Restrictive Approach To Achieve Its Goal. The Court Also Agreed With The Petitioners' Argument That Because The Objective Of Combating Black Money Cannot Be Traced Back To Any Of The Reasonable Restrictions Outlined In Article 19(2), It Cannot Be Considered A Legitimate Justification For Restricting The Fundamental Right To Information.

  • The Amendment To Section 29c Of The Representation Of The People Act Was Quashed: Initially, Section 29c Of The Representation Of The People Act, 1951, Required Parties To Record Any Contributions Over ₹20,000, Specifying Whether They Came From Individuals Or Companies. However, The Finance Act Of 2017 Revised This Section To Make It Clear That Such A Requirement Does Not Apply To Donations Made Using Electoral Bonds. The Court Ruled That The Original Requirement To Disclose Contributions Over ₹20,000 Effectively Balanced Voters' Right To Information With Donors' Right To Privacy, As Donations Below This Threshold Were Less Likely To Influence Political Decisions.

 Directions Were Issued

  • The SBI has Been Instructed To Immediately Halt The Issuance Of Any Additional Electoral Bonds And To Provide The ECI with Details Of Such Bonds Purchased By Political Parties Since April 12, 2019, By March 6. Such Information Must Contain The Date Of Purchase, The Name Of The Purchaser, And The Denomination Of The Bond Purchased

  • By March 13, 2024, The ECI will Publish All Of The Information Given By The SBI on Its Official Website.

  • Electoral Bonds That Are Still Valid For Fifteen Days But Have Not Yet Been Encashed By The Political Party Must Be Returned, After Which The Issuing Bank Will Reimburse The Amount To The Purchaser's Account.

  • On February 15, The Supreme Court Ruled That The Center's Electoral Bond Scheme, Which Allows For Anonymous Political Donations, Was Illegal.

  • It Stressed That The Plan Infringes On The Right To Information Guaranteed By Article 19(1) (A) Of The Constitution.

  • The Court also Overturned Modifications To The Income Tax Act And The Representation Of People Act That Permitted Such Anonymous Political Contributions.

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