CHENNAI: The Supreme Court’s landmark decision to strike down the controversial electoral bond scheme will ensure transparency in the electoral process and also protect the integrity of the system, said Tamil Nadu Chief Minister and DMK president MK Stalin.
In a social media post on Thursday, Stalin said, "The Hon’ble Supreme Court has rightly held that the #ElectoralBonds are unconstitutional. This will ensure a transparent electoral process and the integrity of the system. This judgment has restored the #democracy and level playing field for all political parties. It has also ensured the common man’s faith in the system."
Earlier in the day, the principal Opposition party, AIADMK, also welcomed the verdict of the constitution bench of the Supreme Court.
A five-judge bench of Chief Justice of India DY Chandrachud, Justices Sanjiv Khanna, BR Gavai, JB Pardiwala and Manoj Misra delivered a unanimous verdict on Thursday, striking down the Electoral Bonds scheme as unconstitutional. The bench was ruling on a batch of pleas challenging the legal validity of the central government's Electoral Bonds Scheme, which allows for anonymous funding to political parties.
An Electoral Bond is an instrument in the nature of a promissory note or bearer bond which can be purchased by any individual, company, firm or association of persons provided the person or body is a citizen of India or incorporated or established in India.
The bonds are issued specifically for the purpose of contributing funds to political parties.
Incidentally, the majority of the funds went to the BJP, which led to allegations that the Centre-ruling party brought in an opaque system for its benefit.