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

Bhushan : It can be given to any political party. But ruling party is in a position to give favours. So companies will support ruling parties, as they are in a position to give benefits.

Bhushan : It might go to the party ruling the state govt or central govt depending on what the quid pro quo is.

CJI : Bribes to political parties?

Bhushan : Yes. Essentially they are given to ruling parties.

CJI : Why only ruling parties? This can be given to any parties.

Bhushan says nowhere in the world such a system has been adopted. RBI and ECI have flagged serious concerns, he adds.

Bhushan : 7000 crores worth electoral bonds already sold. Most of the bonds sold are in the denominations of one crores. You have opened the way for shell companies to essentially offer bribes.

Bhushan says that the RBI Governor called the bonds a "fraud scheme" having implications on banking system and "possibility of misuse, more particularly through shell companies".

Bhushan says that the RBI Governor said that the Electoral Bonds could cause "reputational risk to the Reserve Bank

Bhushan says anonymous electoral bonds is "legalized corruption". Only SBI, which comes under Centre, knows the identity of donor. Even ECI is not aware, he submits.

Bhushan : Please see what Reserve Bank of India has said about electoral bonds.

Bhushan refers to letter dated 14.09.2017 sent by RBI governor to Ministry expressing "discomfiture" about #Electoralbonds

AG says that the application was not served on the respondent, and the copy was received only on Sunday.

AG says that if counter-affidavit is necessary, time will be required. But if no new facts are alleged, AG says he is prepared to make submissions today.

Bhushan : There are no new facts. In fact I'm going to argue by application filed in 2019, which was served on them one and half years ago.

Advocate Prashant Bhushan starts submissions for ADR

Attorney General seeks to interject.

Bhushan continuing submissions without noticing AG's intervention.

Bench asks Bhushan to pause.