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  IMPORTANT POINTS
(1) Constitutional validity of Electoral Bond Scheme – Companies and individuals cannot be equated for the purpose of political contributions – Companies and individuals cannot be equated for the purpose of political contributions – Electoral Bond Scheme, proviso to Section 29C(1) of Representation of People Act, 1951 (as amended by Section 137 of Finance Act 2017), Section 182(3) of Companies Act (as amended by Section 154 of Finance Act 2017), and Section 13A(b) (as amended by Section 11 of Finance Act 2017) are violative of Article 19(1)(a) and unconstitutional – Deletion of proviso to Section 182(1) of Companies Act permitting unlimited corporate contributions to political parties is arbitrary and violative of Article 14 – Issuing bank shall herewith stop issuance of Electoral Bonds – SBI shall submit details of Electoral Bonds purchased since interim order of this Court dated 12 April 2019 till date to ECI – Details shall include date of purchase of each Electoral Bond, name of purchaser of bond and denomination of Electoral Bond purchased.
(2) Issuance of fresh Bonds is prohibited – In case Bonds issued (within validity period) are with donor/purchaser, donor/purchaser may return them to authorised bank for refund of amount – In case Bonds (within validity period) are with donee/political party, donee/political party will return Bonds to issuing bank, which will then refund the amount to donor/purchaser – On failure, amount will be credited to Prime Ministers Relief Fund. ,15 Feb 2024

Supreme Court of India

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