Electoral bonds: CPI(M) hails SC verdict, calls for reforms in funding

Welcoming the Supreme Court judgment striking down electoral bonds, the CPI(M) on Thursday said it was an "unscrupulous scheme designed to help the ruling party" and it was now essential to introduce reforms for political and electoral funding.

In a widely anticipated judgement ahead of the Lok Sabha elections, the Supreme Court annulled the electoral bonds scheme for political funding, saying it violates the Constitutional right to freedom of speech and expression as well as the right to information.

"The Polit Bureau of the CPI(M) hails the historic judgment of the Supreme Court, which has struck down the electoral bonds scheme as unconstitutional. By this verdict, this unscrupulous scheme designed to finance the ruling party by anonymous corporate donors has been completely scrapped," the CPI(M) said in a statement.

The party had declared at the outset itself that it will not accept electoral bonds as this scheme legalizes corruption, the statement read, adding that the CPI(M) had challenged the electoral bonds scheme in the Supreme Court along with other petitioners.

"It is gratifying that the main contentions set out in the petition against the scheme have been upheld. It is essential now that reforms for political and electoral funding are introduced to ensure transparency, clean funding and a level playing field," the party said.

In a post on X, CPI(M) general secretary Sitaram Yechury added that he was glad that the unanimous verdict has upheld the party's contention.

"Congratulations to our Counsel Shadan Farasat and others who effectively argued the case," Yechury said.

Introduced in January 2018, electoral bonds are monetary instruments that citizens or corporate groups can buy from a bank and give to a political party, which is then free to redeem these for money.