'What Will Happen To Legal Guarantees Of Donors?': Sources On SC's Verdict On Electoral Bonds

A Supreme Court ruling striking down India’s electoral bonds for political funding has sparked a debate surrounding the rights of benefactors who have donated under the scheme that guaranteed anonymity.

Official sources said after Thursday’s ruling that when donors bought electoral bonds, they were given a legal guarantee that their names would not be disclosed.

Hence, they could donate to a political party without fear of malicious targeting or mud-slinging by its rivals or their supporters, the sources added.

The sources said that retrospective declaration of names could be highly suspect in legal terms.

The top court order not only labelled electoral bonds as unconstitutional but also directed the State of Bank of India (SBI) to stop their issuance and submit details of bonds purchased from April 12, 2019, till date to the Election Commission of India (ECI).

“Is it (disclosing names retrospectively) not violative of the rights of donors, also citizens of India, who were operating basis a sovereign legal guarantee? Does a legal regime, created by Parliament, have no sanctity?” one of the sources argued.

The scheme, which was notified by the government on January 2, 2018, was billed as an alternative to cash donations made to political parties — a move aimed at making political funding transparent.

In its ruling, the top court held that electoral bonds were violative of the right to information under Article 19(1)(a) of the Constitution.

The court ordered that SBI, the issuing bank of electoral bonds, should furnish details of political parties that received electoral bonds and submit them to ECI by March 6, according to a Bar and Bench report. By March 13, the ECI shall publish such details on its official website, it added.