New Delhi, Oct 16 (IANS): The Supreme Court on Monday decided to refer the challenge to the controversial Electoral Bonds Scheme to a five-judge constitution bench which will hear the case on October 31.

The bench headed by CJI D.Y. Chandrachud noted that in view of the importance of the issues raised, with regard to Article 145(4) of the Indian Constitution, the matter should go before a constitutional bench.

Earlier on October 10, the court had said that the matter would be listed for final hearing on October 31. It further added that the matter will be heard on November 1 as well in case the hearing does not conclude on October 31. The bench on Monday retained the date of hearing.

The petitions challenging the Electoral Bonds Schemes were filed in 2017.

The scheme was introduced by the Centre through the amendments made to the Finance Act of 2017

Several petitions are pending before the apex court challenging amendments through the Finance Act, 2017 alleging that they have opened doors to unchecked funding for political parties.

An electoral bond can be purchased by any individual, company, firm or association of persons provided the person or body is an Indian citizen or is incorporated or established in India.

These bonds are issued specifically for the purpose of contributing funds to political parties.