New Delhi: The Supreme Court verdict striking down the electoral bonds scheme is a "great boon for democracy", former chief election commissioner S Y Quraishi said on Thursday.

A five-judge apex court bench, headed by Chief Justice of India D Y Chandrachud, said the electoral bonds scheme violates the right to information and the freedom of speech and expression under the Constitution. It also ordered the State Bank of India to disclose to the

Election Commission the names of the contributors to the six-year-old scheme for political funding.

"This will restore people's faith in democracy. This is the greatest thing that could have happened. This is the most historic judgement that we have got from the Supreme Court in the last five-seven years. It is a great boon for democracy," Quraishi told.

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