Selective confidentiality in electoral bonds may not suffice: SC
The Supreme Court Wednesday said the problem with electoral bonds scheme is that it provides for “selective anonymity” and “selective confidentiality” as the details are available with the State Bank of India (SBI) and can also be accessed by the law enforcement agencies.
A five-judge constitution bench headed by Chief Justice D Y Chandrachud observed the problem with the scheme would lie if it does not provide a level playing field to political parties and if it suffers from opacity.
While hearing arguments on a batch of pleas challenging the validity of electoral bonds scheme for funding political parties, the apex court said the motive behind the scheme may be perfectly laudable but in an effort to bring in white money into the electoral process, it essentially provides for a “complete information hole”.
“The problem with the scheme is it provides for selective anonymity. It is not completely anonymous. It provides for selective anonymity, selective confidentiality. it is not confidential qua the State Bank of India. It is not confidential qua the law enforcement agencies,” the bench, also comprising Justices Sanjiv Khanna, B R Gavai, J B Pardiwala and Manoj Misra, told Solicitor General Tushar Mehta who was arguing the case for the Centre.
Under the scheme, electoral bonds can be issued or purchased from some authorised branches of the SBI.