Supreme Court asks parties to submit funding details

The Supreme Court on Friday asked all the political parties to furnish receipts and details of funds and donors to the Election Commission by May 30. However, the SC said that the Electoral bonds will not be stopped.

Earlier, the Election Commission had opposed the bonds saying it would "open the floodgates to unlimited corporate donations to political parties and anonymous financing by Indian as well as foreign companies, which can have serious repercussions on the Indian democracy."

Asking the political parties to share details of funds with the EC, the apex court in an interim order said that the details would be in the election body's "safe custody".

A plea filed by NGO, Association of Democratic Reforms (ADR), had asked for the system of electoral bonds to be stopped or to disclose the donors for the sake of transparency in the election process.