Key Points
The Supreme Court Bar Association has written to President Droupadi Murmu seeking a Presidential Reference in the Electoral Bonds case.. The SCBA's President Adish Aggarwala in a letter to Murmu said that the Supreme Court should not deliver judgments that "create constitutional stalemate and undermine the majesty of the Parliament."..
The SC through its February 14 judgment had struck down the concept of electoral bonds in its current form 'unconstitutional'..
The electoral bond scheme came into effect due to the provisions of the Finance Act, 2017 which, among other things, amended the provisions of the Reserve Bank of India Act, 1934, the Representation of the People Act, 1951, the Income Tax Act, 1961, and the Companies Act..
Electoral Bonds were introduced in India through a January 2, 2018 notification, being pitched as an alternative to the erstwhile practice of donating to political parties through cash..
As per the guidelines of the scheme, any Indian citizen or entity formed or established within the nation had the authority to purchase electoral bonds..
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