ELECTORAL BONDS – SCRAPPED BY SUPREME COURT
Electoral Bonds were floated in January 2018 and were scrapped by the apex court on the 15th February 2024, after they were in existence for 6 long years. Electoral Bonds were the idea and plan of Late First Finance Minister of Modi Government Mr. Arun Jaitley to make election fundings transparent and clean to the extent possible. Electoral bonds are like promissory notes – but neither the purchasers nor the beneficiaries – (political parties) identities would be disclosed in the bonds, but these details will be available with the bank issuing such bonds. Only State Bank of India was authorised to issue the bonds through their selective Branches. Electoral Bonds were issued in 5 series of values ₹ 1,000, ₹ 10,000, ₹ 1 lac, ₹ 10 lacs & ₹ 1 crore denominations. The stanches of bonds will be available for purchase for 10 days only in the month of January, April, July, and October with an additional time-frame of 30 days in the year of General Elections for Lok Sabha. No c