After the Supreme Court’s directive, the State Bank of India has submitted all the details regarding electoral bonds to the Election Commission. This data includes the serial numbers of all the bonds, which will help match the donors with the political parties they have contributed to.
Electoral bonds Overview
Electoral bonds serve as a financial channel for political parties to receive contributions. Essentially, they function as a kind of promissory note, allowing both Indian citizens and companies to purchase these bonds from specific branches of the State Bank of India. These bonds were introduced as part of the Central Budget 2017-18, with the aim of introducing greater transparency into political funding. However, their legitimacy came under question, and on February 15, 2024, the Supreme Court declared them unconstitutional. This decision was swiftly enacted by a bench led by Chief Justice D.Y. Chandrachud and four other judges, effectively putting an end to the funding system.
SBI submits report to ECI.
On Thursday, the State Bank of India submitted an affidavit to the Supreme Court. In the affidavit, SBI claimed that it has disclosed all details and has not concealed any information.
Following the Supreme Court’s directive, the State Bank of India has diligently provided the Election Commission with comprehensive details regarding electoral bonds. This data encompasses the serial numbers of all bonds, facilitating the correlation of donors with the respective political parties they have contributed to. The affidavit also mentioned that the complete bank account details and KYC information of political parties are not being disclosed to the public because it could compromise the security of the accounts. SBI stated that, in accordance with the Supreme Court’s order, only complete account numbers and KYC details were excluded from disclosure.
Previously, the State Bank of India had submitted two reports to the Election Commission, both of which were published on the Election Commission’s website on March 14. The first report contained the names of the donors, the value of the bonds, and the purchase dates. The second report listed the names of the political parties along with the bond values and the dates on which they were cashed.
On March 18, the Supreme Court directed the SBI to disclose all details of electoral bonds. This disclosure will unveil five key pieces of information regarding electoral bonds: the purchaser’s name, the denomination of the bond, the political party that encashed the bond, the last four digits of the political parties’ bank account, and the number of bonds encashed.
Electoral bonds 2024 Overview
In summary, on February 15, the Constitution Bench of the Supreme Court declared the electoral bonds scheme unconstitutional due to the concealment of donor details from the public. The Court instructed SBI to reveal the details of bonds purchased and sold between April 2019 and February 15, 2024, by March 6. However, SBI filed an application seeking an extension, requesting time until June 30.
On March 11, the court rejected SBI’s plea for an extension and instructed it to provide the details to the Election Commission by the following day. Subsequently, SBI revealed the information regarding bond purchasers and recipients. However, on March 15, the Supreme Court raised concerns that SBI had not disclosed all bond numbers, which are crucial for citizens to connect donors with political parties. On March 18, the Court specifically ordered SBI to disclose all bond details, including the alphanumeric numbers.
Conclusion
In response to Supreme Court directives, State Bank of India submitted electoral bond details to the Election Commission, enhancing transparency. While withholding some information for security, the Court emphasized full disclosure, ensuring accountability in political funding. Despite initial resistance, SBI complied, disclosing bond serial numbers. This marks a significant step towards addressing concerns over electoral transparency and upholding democratic principles in India’s political financing system.
More You Like
Lok Sabha Election 2024: 7 Phases of Voting and Result Announcement Date with Optimistic Outlook
