Supreme Court Orders SBI to Reveal Electoral Bond Details

In line with a directive from the Supreme Court, the State Bank of India (SBI) has disclosed information regarding electoral bonds. Since the introduction of the scheme in 2018, SBI has issued electoral bonds amounting to Rs 16,518 crore across 30 installments.

However, the Chairman and Managing Director of SBI are yet to submit an affidavit confirming compliance with the court’s order. Reports suggest that the affidavit is prepared and will be submitted on Wednesday.

The Election Commission of India (ECI) is mandated to publish all these details by 5 PM on March 15 upon receipt from SBI.

Despite SBI’s plea for an extension until June 30, 2024, to reveal details of electoral bonds, the Supreme Court dismissed the application on Monday.

The electoral bond scheme, introduced in the Finance Bill of 2017, allowed individuals and corporations to donate anonymously to political parties. These bonds, purchased from SBI, were then cashed by the respective political parties.

Last month, the Supreme Court declared the electoral bonds scheme unconstitutional, citing violations of the right to information and Article 19(1)(a). Consequently, the court ordered SBI to submit details of bonds purchased since April 12, 2019, by March 6, 2024.

During the hearing, the court expressed dissatisfaction with SBI’s progress in matching donor information. Chief Justice D.Y. Chandrachud emphasized the importance of transparency and warned of consequences for non-compliance.

Details required include purchase dates, purchaser names, bond denominations, and information on bonds cashed by political parties.

The court’s stern stance underscores the significance of upholding transparency in electoral financing.