Electoral Bonds Case Hearing : Live Updates From Supreme Court

Bhushan takes the bench through some judgments.

Bhushan: Political parties are a part of the instrumentalities of the state. This has been held by this court. Even CIC has held that political parties are public authorities under RTI Act

Bhushan: Political parties are a part of the instrumentalities of the state. This has been held by this court. Even CIC has held that political parties are public authorities under RTI Act

Bhushan: First challenge is that it violates the citizens' right to information. I have quoted Anjali Bharadwaj judgement in the case of information commission.

Bhushan: The RBI states that if the intention is that the person buying the bond is expected to tender to a political party- such intention can be accomplished by normal cheque, demand draft etc.

Bhushan: RBI has stated that the bonds are bearer bonds and are transferable by delivery. Hence who finally contributes to the party will not be known.

Bhushan: RBI states- even the intended purpose of transperancy may not be achievable as the original buyer of the instrument need not be the actual contributor to the political party.

Bhushan: RBI states that bearer instruments have the potential to become currency and if issued in sizeable quantities can undermine the faith of bank notes issued by central bank.

Bhushan: RBI states that the move would result in non sovereign entities being authorised to issue bearer instruments. As such, the proposed mechanism militates against the RBI as sole authority for issuing bearer instruments that is cash.

Bhushan: The government said they didn't receive any objection- the ECI didn't object? I mean they treat this so casually. You can say whatever you want and get away with it. See RBI's objections now.