SC to consider according hearing in Jan on plea seeking stay on electoral bond scheme

The Supreme Court on Wednesday said it would consider according hearing in January a plea of an NGO seeking a stay on the electoral bond scheme meant for collection of funds by political parties to contest polls.

A bench, comprising Chief Justice S A Bobde and Justices B R Gavai and Surya Kant, was told by lawyer Prashant Bhushan that around Rs 6,000 crore had been collected under the scheme, which have been red-flagged by institutions like the Reserve Bank of India and the Election Commission.

Bhushan, appearing for the Association for Democratic Reforms, said the scheme needed to be stayed as it had become akin for accepting bribe, money laundering and channelisation of black money.

"We have filed an application for stay of this scheme which is being misused by the party in power," he said, adding that the RBI and EC had already expressed their views on it.

"We will see this in January," the bench said.

The government had notified the Electoral Bond Scheme on January 2, 2018. As per its provisions, electoral bonds may be purchased by a person, who is a citizen of India or incorporated or established in India.