Business News: Supreme Court Stops Electoral Bonds Funding, Claims It Illegal

Electoral Bonds Funding: The Supreme Court has stopped the funding of political parties by calling electoral bonds illegal. The Supreme Court has called it a violation of the right to information. The SBI has also ordered the election committee to donate the political parties who have donated electoral bonds to the SBI by 31 March. 

Electoral Bonds Increase Money Laundering

The RBI had issued a warning about this earlier, by stating that this scheme can increase money laundering and political influence. The funding scheme was introduced by the Modi government in 2018. Till now, Rs 16,000 Cr have been donated through this scheme. According to the Association for Democratic Reforms, the total amount of donations made from 2018 to March 2022 is approximately 57%, which is $600 million to the BJP.