What did Supreme Court of India said on electoral bonds and what it means.

* The verdict was  delivered by a five-judge Constitution bench headed by Chief Justice D Y Chandrachud. The bench delivered two separate but unanimous verdicts on pleas challenging the scheme.

The CJI said that the electoral bond scheme violates freedom of speech and expression under Article 19(1)(a) of the Constitution.

* The bench said that the fundamental right to privacy includes citizens’ right to political privacy and affiliation.

* The top court said that the government’s justification of tackling the black money issue through electoral bonds is not justified.

* The court directed that the issuing banks shall stop issuing electoral bonds. It said that the State Bank of India shall submit details of bonds purchased since the apex court’s interim order of April 12, 2019,  including the date of encashment and denomination, to the Election Commission by March 6, 2024, and that the electoral body should share this information on its website.

* The Chief Justice of India, in his verdict, said that financial contributions to political parties are made for two parties, either for support to a political party, or contribution may be a way of quid pro quo, reported legal news website Live Law.

Background on electoral bonds:

The electoral bond system was set in place in 2017 and allowed individuals and companies to donate money to political parties anonymously and without any limits. It allowed a person or company can buy electoral bonds from the State Bank of India and donate them to a political party of their choice.