Supreme Court's Verdict on Electoral Bonds: SP Rejoices, Demands Transparency in PM Cares Fund

The Samajwadi Party expresses its support for the Supreme Courts decision on electoral bonds, viewing it as a positive step for democracy. Akhilesh Yadav, the partys leader, stresses the importance of transparency in political funding and raises concerns about the BJPs handling of the PM Cares Fund.

On Thursday, the Samajwadi Party (SP) expressed its support for the Supreme Court's decision to abolish the electoral bond scheme for political funding. Akhilesh Yadav, the leader of the SP, took to Twitter to express his approval of the verdict, stating that it is a positive step towards the revival of democracy in India.

Akhilesh Yadav's Statement

In his tweet, Akhilesh Yadav highlighted the significance of the Supreme Court's ruling, describing it as an exposé of the Bharatiya Janata Party's (BJP) illegitimate policies and a revelation of the deep-rooted connection between the BJP and corruption. He also emphasized the need for transparency and accountability in political funding, demanding that the Centre disclose the total amount of funds received under the PM Cares Fund, which was established during the COVID-19 pandemic.

Public's Concerns

Akhilesh Yadav further echoed the public's concerns regarding the lack of transparency in the BJP's funding sources. He questioned why the BJP should be exempt from disclosing information about its donations while taxpayers, shopkeepers, and businessmen are required to provide detailed accounts of their finances. He called for greater scrutiny and accountability of the BJP's financial dealings.

Supreme Court's Landmark Judgement

The Supreme Court's landmark judgement on Thursday declared the electoral bond scheme unconstitutional, citing its violation of the fundamental rights to freedom of speech and expression, as well as the right to information. The verdict, which comes ahead of the upcoming Lok Sabha elections, mandates the State Bank of India (SBI) to disclose the names of contributors to the electoral bond scheme to the Election Commission.

Disclosure of Electoral Bond Details

The five-judge Constitution bench, headed by Chief Justice D Y Chandrachud, directed the SBI to provide comprehensive details of each electoral bond encashed by political parties. This information includes the date of encashment and the denomination of the bonds. The SBI is required to submit this data to the Election Commission by March 6, 2023.

Election Commission's Role

The Supreme Court further instructed the Election Commission to publish the information shared by the SBI on its official website by March 13, 2023. This move aims to enhance transparency and public access to information regarding political funding.

The Samajwadi Party's endorsement of the Supreme Court's verdict on electoral bonds underscores the growing demand for transparency and accountability in political funding in India. The court's decision and the subsequent disclosure requirements imposed on the SBI and the Election Commission represent a significant step towards ensuring greater integrity and fairness in the country's political processes.