CJI : Mr Attorney, is it true that you are going to sell the bonds?
AG says from ECI has allowed sale of bonds from April 1 to 10.
CJI to AG : Now you tell us, why is there a selective anonymity (in electoral bonds)?
Bhushan urges Court to stay the electoral bonds sale.
CJI : We will hear the Attorney now.
Bhushan : If you remove transparency in political funding, it goes to the heart of electoral democracy.
CJI : That..everyone is aware of the role played by money in elections.
CJI : Your arguments at this stage is more on the point of political morality. This question of morality or ethics regarding black money, was it not considered by this court in the RK Garg case..the morality question..not the mechanics.
Bhushan : It is not a question of morality. It is a question of democracy. The electors have the right to know the source and background.
Bhushan : That order will not suffice because of the very nature of the bonds. RBI has expressed concerns that the bonds can be transferred, facilitating money laundering and kickbacks.
Bhushan refers to ECI affidavit.
"Election Commission said that at least to them it should be reported", he says.
CJI : I think that is why the last order was passed (of Arpil 2019)
CJI : If what you are saying is correct, we will have to strike down the law. How can it be done through an interim order?
Bhushan : Fresh tranche of bonds are going to be sold next week. We are seeking its stay.
Bhushan adds that the Finance Bill 2017 removed the requirement of profit threshold for donations, which allows shell companies to donate.
Bhushan : And, these amendments are made through the Finance Bill, in order to avoid going to the Rajya Sabha where the Government did not have a majority.
Bhushan says that the Finance Bill 2017 allowed foreign companies to done through Indian subsidiaries. He adds that Election Commission called this a "retrogade step" as it allows foreign companies to influence Indian elections.
Bhushan : This court has held that transparency is absolutely necessary in an election.