SC Petition Calls For Court-Monitored Probe Into Electoral Bond Funding

New Delhi: A plea has been lodged with the Supreme Court requesting for a court-monitored investigation by a Special Investigation Team (SIT) into suspected exchanges of favors between political entities, corporations, and officials of investigative bodies through electoral bond donations. The apex court's five-judge constitution bench invalidated the Centre’s electoral bonds program for anonymous political funding on February 15. 

The request, submitted by lawyer Prashant Bhushan, has sought direction from the authorities to investigate the source of funding of "shell companies and loss-making companies” to various political parties, made public through electoral bond data.  

It asks the authorities to reclaim the funds from political parties if they were given as part of "quid pro quo arrangements” especially if it's discovered that the money was obtained illegally. 

Following a top court order, the State Bank of India, the designated vendor of electoral bonds, provided the data to the Election Commission, which subsequently released it to the public. The electoral bonds initiative, introduced by the government on January 2, 2018, was presented as a substitute for cash donations to political parties, aiming to enhance transparency in political funding. 

The electoral bonds scheme, which was notified by the government on January 2, 2018, was pitched as an alternative to cash donations made to political parties as part of its efforts to bring transparency in political funding.