- ALSO READ
New CJI: Here are some significant cases Justice Chandrachud was part of
DY Chandrachud to succeed UU Lalit as the next Chief Justice of India
SC dismisses plea to block Justice Chandrachud's appointment as next CJI
CJI Chandrachud releases latest version of Supreme Court mobile app
A fresh beginning
-
A Supreme Court Bench, comprising Chief Justice of India Dhananjaya Yeshwant Chandrachud and Justice Pamidighantam Sri Narasimha, in February this year directed the electoral bond matter to be listed in the third week of March.
The scheme, notified on January 2, 2018, allows individuals (who are citizens of India) and home-grown companies to donate these bonds — issued in multiples of Rs 1,000, Rs 10,000, Rs 1 lakh, Rs 10 lakh, and Rs 1 crore — to political parties of their choice that have to redeem them within 15 days.
An individual can buy bonds, either singly or jointly with other individuals. No limit exists on the number of electoral bonds that a person or corporate entity can purchase.
The number of bonds not cashed within the validity period of 15 days shall be deposited by the authorised bank with the Prime Minister’s National Relief Fund (PMNRF).
So far, 160 bonds amounting to a total of Rs 23.68 crore (0.21 per cent) were deposited with the PMNRF. Thus, 99.79 per cent of bonds purchased during the 23 phases were encashed by political parties within the validity period.
At least 13,026 electoral bonds worth Rs 7,409.23 crore, or 64.74 per cent of total electoral bonds redeemed between March 2018 and November 2022, were encashed in New Delhi (while the maximum value of bonds was purchased in Mumbai) where national parties’ headquarters are located.
Source: Association for Democratic Reforms
Subscribe to Business Standard Premium
Exclusive Stories, Curated Newsletters, 26 years of Archives, E-paper, and more!
Insightful news, sharp views, newsletters, e-paper, and more! Unlock incisive commentary only on Business Standard.
Download the Business Standard App for latest Business News and Market News .
First Published: Sun, March 05 2023. 21:41 IST
