Farasat: This will not bring any of the money which is in black money space. So what does this do? By definition, what this will do- is the existing white money in system which was donated to parties through non anonymous route- it will shift that to anonymous bonds.
Farasat: By definition, it cannot deal with black money. It can only deal money which a person can disclose as white money.
Farasat: This scheme is an alternative white money channel created by government. There was already a disclosure based channel- normal banking channels- RTGS, bank draft, cheques etc. This is a new channel. They've added anonymity to it.
Farasat: This scheme changes that by shifting the gravity from elected public to somewhere else of the political discourse and influence without the public even knowing about it.
Farasat: The principle of one man one vote is not just about me casting my vote. It entitles me to claim equal representation, equal influence over democratic process, and to show that my views have equal worth in the system
Farasat: This matter is about democracy and disclosure. This matter is not about contribution limit or expenditure limit. This is about something which pervades all of that- this is about disclosure - both to authorities and public at large.
Farasat: It violates the right to conscience under Art 25 of individual shareholders. Because they don't know what their money is being used to.
Farasat: The legally ordained informational black hole that this creates - goes against the concept of informed electorate under Art 19(1)(a) read with 326 of the Constitution.
CJI: As per the report of the ADR, your party has got some electoral bonds also.
Farasat: No my lords. We just responded saying we've not taken any Electoral Bonds.
Adv Shadan Farasat (appearing for CPI(M)): We're the only political party here. Despite being a ruling party, we've taken a principled stance not to accept any electoral bond. We haven't taken a single rupee in EB in last 5.5 yrs at much cost to us.