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In a landmark unanimous judgment, the Supreme Court on February 15 struck down as “unconstitutional and manifestly arbitrary” the electoral bonds scheme, which provides blanket anonymity to political donors, as well as critical legal amendments allowing rich corporations to make unlimited political donations.

The five-judge Constitution Bench also quashed the amendments made to the Income Tax Act and the Representation of People Act which made the donations anonymous.

While the court arrived at a unanimous decision with the Chief Justice delivering the lead verdict, Justice Sanjiv Khanna has penned a concurring opinion with a slightly different reasoning.

Notably, the State Bank of India was ordered to furnish details of the electoral bonds received by political parties to the Election Commission of India by March 6. The ECI will subsequently publish such details on its official website by March 13.

Electoral bonds that have not been encashed by political parties yet have been ordered to be returned following which the issuing bank will refund the amount to the purchaser’s account.

Meanwhile, the BJP said that The BJP said that it respected the verdict of the Supreme Court but insisted that the scheme had a “laudable objective of bringing transparency in poll funding”.

Several Opposition parties welcomed the decision, with the Congress saying it will reinforce the power of votes over notes. Congress president Mallikarjun Kharge hoped the Modi government will stop resorting to such “mischievous ideas” in future. Welcoming the judgment, the CPI(M) said it was an “unscrupulous scheme designed to help the ruling party” and it was now essential to introduce reforms for political and electoral funding.