SUPREME COURT MUST RESTORE CREDIBILITY OF PARTY FUNDING
Amritananda Chakravorty
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2019-04-01 09:34
On April 2, 2019, the Supreme Court is set to hear a bunch of petitions challenging the validity of electoral bonds scheme, 2018, which was notified by the Central Government on January 2, 2018. Vide the amendments in the Finance Act, 2017, the Government made many changes in the Reserve Bank of India Act 1934, Representation of Peoples Act 1951, Income Tax Act 1961 and Companies Act, 2013, in order to bring out the scheme. According to the scheme, an electoral bond is like a bearer promissory note, which can be purchased by any buyer from any authorised branch of the State Bank of India, without mentioning the name of the buyer or the payee, and will be known only to the bank.