New Delhi: The CPM has approached the Supreme Court challenging the Centre's decision to introduce electoral bonds and said the move "undermined democracy" and it would "lead to greater political corruption". 

Claiming that the scheme would clean up political funding, the NDA government had announced electoral bonds in the previous budget. It met with stiff resistance from opposition parties and initial reservations from the Election Commission.

CPM general secretary SitaramYechury said CPM was left with no choice but to move the SC. 

"We took up the matter in Parliament and sought amendments to the bill when the government moved the proposal. Using their majority in LS, the government overturned the RS's recommendations. The no disclosure clause in electoral bonds will create opacity in funding and is bad for democracy," he said.

The electoral bonds, which are being pitched as an alternative to cash donations made to political parties, will be available at specified branches of State Bank of India (SBI) for 10 days each in months of January, April, July and October.

The bonds, which would be valid for 15 days, will not carry the donor’s name even though the purchaser would have to fulfil KYC norms at the bank