If the identity of the purchasers of electoral bonds supposed for transparent political investment isn’t recognized, then the authorities’ efforts to curtail black cash in elections would be “futile”, the Supreme Court stated Thursday. The pinnacle courtroom reserved verdict on the plea of an NGO which has challenged the validity of the scheme and has sought that both the issuance of electoral bonds stay or the names of donors be made public to ensure transparency in the poll process. The Centre vehemently supported the scheme pronouncing that the reason at the back of it is to put off using black money in elections and requested the court no longer to intrude with it at this stage and study whether it has labored or no longer handiest after the polls.
“So ways because the electoral bond scheme is involved, it’s far the problem of policy decision of the government and no authorities may be faulted for taking coverage choice,” it told the bench comprising Chief Justice Ranjan Gogoi and Justices Deepak Gupta and Sanjiv Khanna. The court requested Attorney General K K Venugopal, representing the authorities, whether financial institutions know consumers’ identification when issuing the electoral bonds. Venugopal replied in affirmative and then stated the bank’s difficulty bonds after ascertaining KYC applicable for commencing the financial institution accounts.