Supreme Court refuses to put stay on electoral bonds from April 1

The Election Commission had said that it approved of the instrument because without it the political parties would deal in hard cash

The Supreme Court on Friday rejected the stay plea on the issuance of fresh electoral bonds that were scheduled for sale from April 1 to 10. The Association for Democratic Reforms (ADR), a non-governmental organisation working in the area of electoral and political reforms, had moved the court seeking an interim stay on sale of electoral bonds.

Senior Advocate Prashant Bhushan who appeared for ADR, said the electoral bonds had become a tool for receiving bribes in the name of donations for the ruling party as Electoral Bond Scheme 2018 granted anonymity to donors to political parties. He also cited Reserve Bank of India's (RBI) view on the use of electoral bonds. "The RBI has said that this system of bonds is a type of weapon or medium for financial scams," said Mr Bhushan.

According to the Supreme Court, the electoral bonds have been sold several times since its introduction in 2018 and there has been no evidence of adverse effects on elections. "The electoral bonds scheme introduced in 2018 and the bonds have been sold since then without impediment. We do not see any reason to stay the issuance at this stage," the court said. The Election Commission had said that it approved of the instrument because without it the political parties would deal in hard cash.