Elections:
Electoral Bond Scheme, 2018 – Application seeking stay of
the sale of electoral bonds under the Electoral Bond Scheme, 2018
– Another application seeking an interim direction to the Union of
India not to open any further window for sale of Electoral Bonds
which is likely to be opened on 01.04.2021 under the Scheme –
Plea that Electoral Bonds Scheme allows the donors of political
parties to maintain anonymity – Held: Despite the fact that the
Scheme provides anonymity, the Scheme is intended to ensure that
everything happens only through banking channels – While the
identity of the purchaser of the bond is withheld, it is ensured that
unidentified/ unidentifiable persons cannot purchase the bonds and
give it to the political parties – A non-KYC compliant application or
an application for purchase of bonds not meeting the requirements
of the scheme would be rejected – As a result the information about
the purchaser would certainly be available with the SBI which alone
is authorised to issue and encash the bonds as per the Scheme –
Moreover, any expenditure incurred by anyone in purchasing the
bonds through banking channels, would have to be accounted as
an expenditure in his books of accounts – Furthermore, since the
Scheme mandates political parties to file audited statement of
accounts and also since the Companies Act requires financial
statements of registered companies to be filed with the Registrar of
Companies, the purchase as well as encashment of the bonds,
happening only through banking channels, is always reflected in
documents that eventually come to the public domain – Thus, since he Scheme was introduced on 2.1.2018 and the bonds are released
at periodical intervals of every year, viz 2018, 2019 and 2020
without any impediment; and that certain safeguards have already
been provided by this Court, no justification for the grant of stay at
this stage – Furthermore, once this Court has passed an order
directing some interim arrangement, thereafter applications for the
same relief cannot be made, every time the window for the purchase
under the Scheme is opened.