SBI Submits Electoral Bond Details to Election Commission

In compliance with the Supreme Court's order, the State Bank of India (SBI) has submitted the details of entities that purchased the now-scrapped electoral bonds and political parties that received them to the Election Commission. The apex court had directed SBI to disclose the information by the end of business hours on March 12.

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Supreme Court's Order

On Monday, the Supreme Court ordered SBI to furnish the details of electoral bonds to the Election Commission by the close of business hours on March 12. The Election Commission is required to publish the shared information on its official website by 5 pm on March 15.

SBI's Compliance

In compliance with the Supreme Court's directions, SBI has provided the Election Commission with data on electoral bonds. The bank has issued electoral bonds worth Rs 16,518 crore in 30 tranches since the scheme's inception in 2018.

Landmark Verdict

On February 15, the Supreme Court delivered a landmark verdict declaring the Centre's electoral bonds scheme unconstitutional. The court termed anonymous political funding as unconstitutional and ordered the Election Commission to disclose donors, donation amounts, and recipients.

SBI's Time-Wasting Tactic

Former finance secretary S C Garg criticized SBI's attempt to delay the disclosure of details. He pointed out that the bank sought time till June 30, which was rejected by the apex court. Garg highlighted that electoral bonds lacked serial numbers or identifiers, making it challenging for SBI to record specific purchasers or depositors.

Electoral Bonds Scheme

The electoral bonds scheme was introduced on January 2, 2018, as an alternative to cash donations to political parties. The first sale of electoral bonds occurred in March 2018. These bonds could only be redeemed by eligible political parties through authorized bank accounts, with SBI being the sole authorized bank for issuing and encashing them.

Eligibility for Electoral Bonds

Electoral bonds could be purchased by Indian citizens or entities incorporated or established in the country. Registered political parties that secured at least 1% of the votes polled in the last Lok Sabha or legislative assembly elections were eligible to receive funding through electoral bonds.

The Supreme Court's order to disclose electoral bond details marks a significant step in promoting transparency in political funding. SBI's compliance with the court's directive ensures that information about donors, donation amounts, and recipients will be made public, enhancing accountability and reducing the scope for anonymous funding of political parties.