Plea Seeking Stay On Electoral Bonds- Live Updates From Supreme Court

ECI's counsel Rakesh Dwivedi : Election Commission is supporting electoral bonds and not opposing it as such. Without electoral bonds, we will go back to earlier cash system, which was unaccounted.

Bonds is one step forward, as all transactions are through banking channels.

ECI's counsel Rakesh Dwivedi : But on the second aspect transparency, we want transparency. But that is a matter for final hearing. We are against stay of electoral bonds as then we will go back to the unacccounted cash system.

Bench reserves orders on the application for stay of electoral bonds.

CJI : Mr Attorney, we are not sure of what we are saying. But this angle of possibility of funding of terrorism through funding needs to be examined. It is possible that funds through this mechanism are diverted by particular people for other purposes with an agenda

CJI : You can start a protest, with this funding. You can start many things.

AG : We will look into this. Blackmoney is an issue.

Bhushan : This (bonds) will not stop blackmoney.

Bhushan : Earlier, the law was that only donations less than Rs 20,000 can be kept undisclosed.

CJI : They have removed the 7.5 % cap as well.

Bhushan : Yes, and now foreign companies can also donate.

Bhushan refers to ECI affidavit - ECI had proposed in 2004 compulsory maintenance of accounts and audit of political fundings.

Bhushan : ECI has recommended disclosure of donors of parties.

Bhushan : ECI has comprehensively pointed out that in order to maintain purity of election process, complete transparency in political funding. This(bonds) is driving a coach through transparency.

Bhushan : Mere fact that the scheme says that the bonds are not for trading does not mean anything, as there is anonymity involved at every levels.

CJI : Is it not true for currency? People trade in money.

CJI : We will close the case for orders.

Bhushan : I want to say something in rejoinder.

Sr Adv Rakesh Dwivedi says that information is kept in sealed covers.

CJI : Have you received from all parties?

Dwivedi : That I need to get instructions. All major parties have given

CJI : Mr Bhushan says that the earlier order (April 2019) has not been complied. He has said it orally. We have not seen papers.

Bhushan : ECI should be able to say.

SG adds that bonds are purchased following KYC orders.

AG : Even the Congress party did not file. It was after SC judgment that all started filing. So now question of such misuse cannot arise. They have to file returns.