Electoral Bonds Case Hearing : Live Updates From Supreme Court [Day 3]

SG: Your lordships have devised the concept of informational privacy (in Puttaswamy judgment). Your lordships were examining two competent interests- one, right to know and right to have informational privacy. You have held informational privacy to be a fundamental right

SG shows provisions to establish that the process of purchasing the bonds is confidential.

SG: The details will not be known by anyone. Only the cashier will know the KYC.

SG: No no, this just gives a statutory backing to the scheme

CJI: It's an executive act.

SG: Yes, Otherwise it would have been challenged. Only to empower the central government this was done...

CJI: Otherwise it would fall under definition of bill of exchange

CJI: Why was it necessary to amend the RBI Act?

Adv Shadan Farasat: The reason seems to be in RBI's report. Only central government and RBI is permitted for issuance...now the issuance is being done by SBI. So it is someone else being permitted

SG: How we maintain secrecy cannot be a public debate! By definition it has to be confidential.

SG: What happens if this confidentiality is not arreared? If i try to breach the confidentiality - it would leave digital footprints. It cannot be erased. Anyone not complying this confidentiality would be criminally liable.

SG: When investigative agencies want the details, it can get only if there is an order. The purpose is not that the party in power knows who paid whom

SG: Noone can argue that there has to be a level playing field- every party cannot get an equal contribution - every party will have to rise and get more contributions.

SG: If the bond is not encashed in 15 days, it goes to the PM Relief Fund, the donor doesn't get it back. So he has to ensure that the party deposits it in 15 days

SG: This is completely minimised if I have to give in 15 days. So as a contractor, I have to take the risk.

SG: Bond is not a trading commodity, it cannot be traded. Second, let's take a live example - MP is having elections. BJP can win, Congress can win. I go to Congress with 100 cr worth EBs.I say if you form the govt and give me this contract, this will be yours.

SG: If there is 15 days, I have to give it in those 15 days and quid pro quo chances fail...