The Communist Party of India (Marxist) on Saturday demanded a ban on corporate funding of political parties. CPI(M) General Secretary Sitaram Yechury said electoral bonds violates the Constitution and that it is crony capitalism 'of the highest order'.
'It has to be repealed. That is why we have appealed to Supreme Court,' Yechury said. On Friday, the Supreme Court admitted the petition filed by the CPI(M) and Yechury to annul the Electoral Bond scheme 2018 and amendments in the Finance Act, 2017.
The petition pointed out that the Electoral Bond scheme violated the Constitution and 'as it allows unlimited donations from individuals and foreign companies to political parties without any record of sources of funding' and asked for a repeal.
'Electoral bonds legalise political corruption. There should be a ban on corporate funding to parties. Instead Yechury said, and added that in 2016-17, as much as 89 per cent of corporate donations to political parties went to the BJP.
Yechury pointed out that his party has challenged the Electoral Bond scheme in Supreme Court on the grounds that it flies into the face of right to know in the democratic functioning of the polity. He said the situation should change as monetary pressure is preventing smaller parties from contesting elections.