In adherence to the directives of the Supreme Court, the State Bank of India (SBI) has submitted the electoral bonds data to the Election Commission of India (ECI) as mandated by the court. This significant development comes in the wake of the apex court’s recent decision to abolish the Centre’s electoral bonds scheme, citing concerns over anonymity in political funding.
The Supreme Court, in its landmark verdict on February 15, declared the electoral bonds scheme unconstitutional, highlighting the need for transparency in political funding. The court’s ruling necessitated the disclosure of details pertaining to donors, the amount contributed, and the recipients of electoral bonds.
Earlier this week, the Supreme Court ordered SBI to disclose the electoral bonds data to the Election Commission by the close of business hours on March 12. Subsequently, the Election Commission has been granted until March 15 to publish the disclosed information on its official website, ensuring transparency and accountability in political financing.
According to reports, the SBI has issued electoral bonds worth Rs 16,518 crore across 30 tranches since the inception of the scheme in 2018. The submission of this data marks a significant step towards fulfilling the transparency requirements outlined by the Supreme Court.
Despite the plea from SBI for an extended timeline until June 30 for disclosure, the apex court rejected the request and instructed the bank to provide all details to the Election Commission by the close of working hours on Tuesday.
Electoral bonds were introduced as an alternative to cash donations to political parties with the aim of promoting transparency in political funding. The issuance and redemption of electoral bonds were facilitated exclusively through authorized bank accounts, with the State Bank of India designated as the sole authorized bank for issuing these bonds.
As India moves towards greater transparency and accountability in political funding, the submission of electoral bonds data to the Election Commission marks a significant milestone in the country’s democratic process.
