New Delhi, Oct 27 (IANS): Days ahead of the Bihar Assembly polls, an NGO has moved the Supreme Court for an urgent hearing on its 2017 PIL vis-a-vis the sale of electoral bonds meant for funding political parties by the State Bank of India in October.

In its application, the NGO Association for Democratic Reforms said that right before the Bihar Assembly elections, the SBI in XIV Phase of sale has been authorised to issue and encash electoral bonds through its 29 authorised branches from October 19 to October 28.

"That even though a notification, dated January 2, 2018, stipulates the sale of electoral bonds in January, April, July and October of every year; the window was not opened in April and July, but has been opened in October right before the Bihar elections," said the plea.

The NGO sought an urgent hearing of its 2017 PIL to challenge the electoral bonds scheme, which hasn't been listed for more than 9 months.

Earlier, the NGO had moved the top court with a similar plea for stay on the scheme before the Delhi polls in January this year, but the court declined to grant interim stay on the scheme.

However, the top court had sought response from the Centre and the Election Commission within two weeks on the interim application filed by the NGO on January 20. Since then, the matter has not come up for hearing.

"That in view of passage of more than 9 months since the last date of hearing of the instant PIL and new developments relating to Bihar elections having taken place, the instant matter requires urgent adjudication by this court. Thus, the petitioners hereby request that the instant PIL be heard on an urgent basis," said the plea filed through advocate Prashant Bhushan.

The three-phase elections in Bihar will be held from October 28 to November 7 and the counting of votes will be taken up on November 10.

"Certain amendments made through the Finance Act, 2017 and earlier Finance Act, 2016, both passed as Money Bills, and which have opened the doors to unlimited political donations, even from foreign companies, thereby legitimizing electoral corruption at a huge scale, while at the same time ensuring complete non-transparency in political funding," it said.

The plea contended that the Finance Act of 2017 had introduced the use of electoral bonds which is exempt from disclosure under the Representation of Peoples Act, 1951, opening the doors to unchecked, unknown funding to political parties.

"The said amendments have removed the existing cap of 7.5% of net profit in the last 3 years on campaign donations by companies and have legalised anonymous donations," added the plea. An individual can buy electoral bonds, either singly or jointly in association with other individuals.