Supreme Court directs SBI to furnish details about the Electoral Bonds
The Supreme Court has directed the State Bank of India (SBI) to furnish all details pertaining to electoral bonds from April 2019 till date. The directive came during a hearing on March 18, where a five-judge bench led by Chief Justice of India (CJI) DY Chandrachud instructed the chairman and managing director (CMD) of SBI to file an affidavit affirming that the bank has disclosed all relevant information regarding the electoral bonds.
The court emphasised the importance of transparency in the electoral process, particularly concerning the purchase and redemption of electoral bonds. It directed the CMD of SBI to submit the affidavit by March 21, ensuring that no details have been withheld from public disclosure. Chief Justice Chandrachud emphasised, “Let SBI not be selective in disclosure, do not wait for orders, we believe that SBI will be candid and fair to the court.”
The decision follows the court’s notice to SBI on March 15 for failing to furnish alphanumeric numbers on the bonds to the Election Commission (EC), despite a previous judgment mandating such disclosure. The apex court’s scrutiny of electoral bonds stems from concerns regarding transparency and accountability in political funding.
The electoral bonds saga dates back to February 2024 when the Supreme Court deemed electoral bonds unconstitutional, citing the non-disclosure of information about political party funding as a violation of citizens’ right to information. The court directed SBI to provide all data related to electoral bonds, signaling a shift towards greater transparency in political finance.
Despite the court’s ruling, SBI sought an extension until June 30 to disclose details of electoral bonds encashed by political parties. However, the court dismissed this plea, instructing SBI to share all details with the EC by March 12. The EC was then directed to publish the information by March 15.
Senior advocate Harish Salve, representing SBI during the hearing, assured the court that the bank had no issue with revealing the details of electoral bonds. However, SBI had interpreted the court’s order differently, leading to confusion regarding the disclosure of information.
In response, the Supreme Court reiterated the importance of transparency and urged SBI to provide all readily available details without delay. The court clarified that SBI need not undertake the matching of donors with political parties and must simply submit the information in its possession.
Following the court’s directives, SBI furnished electoral bond details to the EC on March 12, and the EC subsequently published the information on March 14. The EC’s publication included details on the amount redeemed per political party, shedding light on the flow of funds in the political landscape.
On March 17, the EC released additional information regarding electoral bonds, building upon the court’s order to return all bond-related details submitted by the EC in November 2023. These developments mark a significant step towards enhancing transparency and accountability in political funding, ensuring greater public scrutiny of the electoral process.
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