Validity of electoral bonds: SC order today at 10.30 am

New Delhi, Apr 11: The Election Commission has said that electoral bonds are a concern because of the anonymity attached to it. The EC made this submission in the Supreme Court, which is hearing a petition challenging the sale of electoral bonds.

The court has reseved orders and the verdict will be pronounced at 10.30 am today.

The petition demanded that if the bonds are to continue, transparency of individuals and corporate donors and their amounts need to be observed in larger interest.

Earlier this month the Centre opposed the concerns raised by the Election Commission on issuing electoral bonds and justified the changes in law saying it was "a pioneer step" to bring poll reforms "ensuring transparency" and "accountability" in political funding.

The government in its fresh affidavit said that the massive amount of political donations were earlier made in cash by individuals or corporates using "illicit means of funding" under the old system and unaccounted black money was pumped in for financing elections.

The government said there was unregulated flow of black money under the old system and "the unaccounted-for monies received by political parties were also spent without being accounted for, thus creating/enabling a parallel economy, as it were, through the use of unaccounted for cash".

"It is submitted that contrary to the concerns raised by the Election Commission of India, the amendments in the respective legislatures have been made and the Electoral Bond Scheme has been introduced, as a pioneer step in bringing electoral reforms, to ensure that the spirit of transparency and accountability in political funding is maintained," it said.