New Delhi

The Centre on Friday told the Supreme Court that the methodology of the electoral bonds scheme is a "completely transparent" mode of political funding and it is impossible to get black money or unaccounted money.

Defending the electoral bonds scheme before a bench of Justices BR Gavai and BV Nagarathna, Solicitor General Tushar Mehta said that there is no scope for black money in the electoral bonds scheme.

The top court was hearing a batch of pleas challenging the provisions of the Finance Act 2017 which paved the way for anonymous electoral bonds.

The apex court has listed the case for hearing on December 6.

Association for Democratic Reforms, Communist Party of India (Marxist) and others had approached the apex court in 2017 challenged the scheme as an "obscure funding system which is unchecked by any authority".

An electoral bond is an instrument in the nature of a promissory note or bearer bond which can be purchased by any individual, company, firm or association of persons provided the person or body is a citizen of India or incorporated or established in India.

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

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The electoral bond scheme was notified by the central government on January 2, 2018.