Supreme Court's Electoral Bond Verdict Gives CPM A 'I Told You So' Moment

Shortly after the Supreme Court declared the electoral bonds scheme unconstitutional, the CPM, also a petitioner in the case, welcomed the verdict and said details of donations to political parties must come out. The CPM is the only major political party that did not accept donations by electoral bonds and had challenged the scheme in court.

"We welcome this. We are a petitioner, the only political party that had the locus standi to argue against electoral bonds. We are the only party that did not express any electoral bond as a matter of principle because we consider the electoral bonds scheme as a legalisation of political corruption and this had to be ended," CPM general secretary Sitaram Yechury told news agency ANI.

The CPM leader also said the court has significantly ordered that details of donations made through this method be made public. "There is an element of the possibility of a quid pro quo. This has clearly exposed this government's claims of fighting corruption," he said.

Mr Yechury also welcomed the Supreme Court's observations that "unlimited contribution" by companies to political parties is antithetical to free and fair elections. "When that amendment was moved in Parliament, I was a member. I remember we had a very heated argument with the then Finance Minister, late Arun Jaitley, that you are opening up the way for money laundering," he said.

The CPM also issued a statement, calling the judgment "historic". "By this verdict, this unscrupulous scheme designed to finance the ruling party by anonymous corporate donors has been completely scrapped," it said.

In a unanimous judgment, a Constitution bench led by Chief Justice of India DY Chandrchud struck down the electoral bonds scheme this morning on the grounds that it violates the citizens' right to information. The Chief Justice also directed that the State Bank of India must stop issue of these bonds at once and provide details of donations made through this mode to the Election Commission of India. The poll body was asked to publish this information on its website by March 13.

Reacting to the judgment, BJP's Ravi Shankar Prasad said electoral bonds were introduced to bring more transparency to the process of donations to political parties and to protect the identity of donors who feared harassment. "We respect the Supreme Court order. A detailed, structured response will be given after studying the order," he said.