Supreme Court Declares Electoral Bond schemes as "Unconstitutional"

On February 15, a unanimous decision by a five-judge bench of the Supreme Court declared the electoral bond scheme unconstitutional.

Here's a summarized breakdown of the Supreme Court of India verdict on the electoral bonds scheme:

1. 1. Unconstitutionality: The Supreme Court struck down the electoral bonds scheme and related amendments as unconstitutional and manifestly arbitrary.

2. 
   

3. 2. Violation of Right to Information: The scheme and amendments were found to violate voters' right to information about political funding under Article 19(1)(a) of the Constitution.

4. 
   

5. 3. Directive to State Bank of India (SBI): SBI was ordered to immediately cease issuing electoral bonds and submit details of bonds purchased from April 12, 2019, till date to the Election Commission of India (ECI).

6. 
   

7. 4. Disclosure of Information: SBI must disclose details including the date of purchase, buyer's name, and bond denomination to the ECI by March 6, 2024, for publication on its website by March 13, 2024.

8. 
   

9. 5. Return of Electoral Bonds: Electoral bonds with a validity period of 15 days and yet to be encashed must be returned by political parties or purchasers to SBI for refund.