'Disclose Electoral Bond Numbers to Election Commission': Supreme Court to SBI
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Today, the Supreme Court criticised the State Bank of India (SBI) for not fully disclosing data regarding electoral bonds. This scheme permitted individuals and businesses to anonymously donate to political parties.
Additionally, the SC issued an order directing the SBI to disclose complete data regarding political donations to the Election Commission of India (ECI) by 5 PM on Saturday, March 16. The apex court has also permitted the return of documents submitted by the ECI in sealed covers. This decision clears the path for releasing these documents and their subsequent upload onto the ECI website by March 17.
During a hearing on a petition by the Election Commission, the Supreme Court expressed dissatisfaction with the incomplete data provided by SBI. A five-judge bench, led by Chief Justice DY Chandrachud, instructed SBI to reveal the details of donations and electoral bond numbers.
"Who is appearing for the State Bank of India? They have not disclosed the bond numbers. It has to be disclosed by the State Bank of India," Chief Justice Chandrachud said right at the outset of the hearing.
In its notice to SBI, the Supreme Court bench has asked the bank to provide an explanation for the lapse during the next hearing scheduled for March 18.
The inclusion of electoral bond numbers in the disclosure is crucial as it would facilitate establishing the connection between donors and political parties, as per the court.
Electoral bonds were introduced by the NDA government in 2018 as an alternative to cash donations, allowing individuals and businesses to donate money to political parties without the need for declaration. Initially presented as an effort to enhance transparency in political funding, the scheme has come under scrutiny regarding its effectiveness in achieving its intended purpose.
Last month, the Supreme Court declared the electoral bond scheme unconstitutional, expressing concerns that it could potentially lead to a quid pro quo arrangement. In addition to striking down the scheme, the court ordered SBI to provide the EC with comprehensive details regarding the purchase and redemption of the bonds.
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