Supreme Court Orders SBI to Disclose Electoral Bond Details to Election Commission

Author : Nimisha Nayak

Updated On : March 13, 2024

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In a recent move following a Supreme Court directive, the State Bank of India (SBI) has provided the Election Commission of India (ECI) with comprehensive details on electoral bonds encashed by political parties since April 12, 2019. This development came after the Supreme Court rejected SBI's request for an extension, compelling the bank to adhere to the stipulated deadline for data submission.

On February 15, the Supreme Court delivered a significant verdict, unanimously abolishing the Electoral Bonds Scheme and ordering SBI to furnish detailed records of political donations via electoral bonds to the ECI. The Court specified that the bank must disclose every purchase and redemption of electoral bonds, including purchaser identities, bond denominations, and encashment dates, by March 6.

Facing logistical hurdles, SBI had appealed for a deadline extension to June 30, but the Supreme Court dismissed this plea on March 11, insisting on compliance by the original deadline of 5:30 pm the same day. The data, delivered to the ECI in a raw format, presents a compilation challenge, sparking concerns about meeting the publication deadline on the ECI's website by March 15.

The Electoral Bonds Scheme, introduced via the Finance Act of 2017, allowed anonymous contributions to political parties through bearer bonds purchased from SBI. Critics of the scheme argued it led to unchecked political funding, prompting several legal challenges to its validity. The Supreme Court's decision to dismantle the scheme highlighted issues of transparency and accountability in political financing.

Adhering to the Supreme Court's ruling, SBI's submission of electoral bond details marks a pivotal moment for political funding transparency. Nevertheless, the ECI must process and publicly present the data by March 15. This process is crucial for ensuring that political funding practices are transparent and accountable to the public.

As the deadline nears, all eyes are on the ECI to effectively process and share the electoral bond information, which is integral to maintaining the integrity of India's electoral process. The success of this endeavour is essential for promoting transparency and fairness in political funding and electoral practices.

Also read:Supreme Court strikes down electoral bonds as unconstitutional

Supreme Court Orders SBI to Disclose Electoral Bond Details to Election Commission

Author : Nimisha Nayak

March 13, 2024

SHARE

In a recent move following a Supreme Court directive, the State Bank of India (SBI) has provided the Election Commission of India (ECI) with comprehensive details on electoral bonds encashed by political parties since April 12, 2019. This development came after the Supreme Court rejected SBI's request for an extension, compelling the bank to adhere to the stipulated deadline for data submission.

On February 15, the Supreme Court delivered a significant verdict, unanimously abolishing the Electoral Bonds Scheme and ordering SBI to furnish detailed records of political donations via electoral bonds to the ECI. The Court specified that the bank must disclose every purchase and redemption of electoral bonds, including purchaser identities, bond denominations, and encashment dates, by March 6.

Facing logistical hurdles, SBI had appealed for a deadline extension to June 30, but the Supreme Court dismissed this plea on March 11, insisting on compliance by the original deadline of 5:30 pm the same day. The data, delivered to the ECI in a raw format, presents a compilation challenge, sparking concerns about meeting the publication deadline on the ECI's website by March 15.

The Electoral Bonds Scheme, introduced via the Finance Act of 2017, allowed anonymous contributions to political parties through bearer bonds purchased from SBI. Critics of the scheme argued it led to unchecked political funding, prompting several legal challenges to its validity. The Supreme Court's decision to dismantle the scheme highlighted issues of transparency and accountability in political financing.

Adhering to the Supreme Court's ruling, SBI's submission of electoral bond details marks a pivotal moment for political funding transparency. Nevertheless, the ECI must process and publicly present the data by March 15. This process is crucial for ensuring that political funding practices are transparent and accountable to the public.

As the deadline nears, all eyes are on the ECI to effectively process and share the electoral bond information, which is integral to maintaining the integrity of India's electoral process. The success of this endeavour is essential for promoting transparency and fairness in political funding and electoral practices.

Also read:Supreme Court strikes down electoral bonds as unconstitutional

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