Supreme Court Plea Seeks Confiscation of Electoral Bonds Funds

A petition has reached the Supreme Court aiming to confiscate funds political parties received through the now-invalidated Electoral Bonds Scheme of 2018. This plea argues that the money acted as barter from corporations seeking undue benefits. It requests an investigation by a former judge or a review of tax exemptions for implicated parties.

A petition has been filed in the Supreme Court seeking the confiscation of funds received by political parties under the now-defunct Electoral Bonds Scheme of 2018. The petition filed by Khem Singh Bhati argues the scheme violated constitutional rights and facilitated undue corporate advantages.

The Electoral Bonds Scheme was invalidated by the Supreme Court on February 15, citing it was against Articles 14 and 19 of the Constitution. The court directed the State Bank of India to cease issuing the bonds and disclose all transaction details from April 12, 2019, till February 15, 2023.

The plea contends that the money political parties received was not a donation but 'barter money' from corporations seeking quid pro quo benefits. It seeks an investigative committee led by a former Supreme Court judge or, alternatively, demands the Income Tax Authorities reassess the parties' tax exemptions from 2018-2024.

(With inputs from agencies.)