Arguments against the scheme:
- Both the Election Commission (EC) and the Reserve Bank of India (RBI) had strongly objected to the scheme and raised the red flag against it.
- According to critics, the scheme was being frequently opened to allow funds to fill the coffers of the ruling party. The government’s scheme was meant for Lok Sabha elections, but the sale window had been opened before State Assembly elections repeatedly.
- Instead of opening the scheme exclusively for the Lok Sabha election, as envisaged, it had become a mechanism to funnel benami funds to fuel political parties.
- In April 2019, the Supreme Court passed an interim order directing political parties to provide complete information to the EC in sealed covers on every single donor and contribution received by them till date through electoral bonds. However, it did not stay the operation of the scheme.
