The State Bank of India (SBI) has fulfilled the directives of the Supreme Court by providing the Election Commission with comprehensive information regarding the purchasers of electoral bonds and the political parties that received them. This action follows the Supreme Court's order mandating SBI to disclose the details of electoral bonds to the Election Commission by the close of business hours on March 12.
In adherence to the Supreme Court's instructions, SBI has submitted the electoral bond data to the Election Commission, as confirmed by sources familiar with the matter. The details of the electoral bonds, amounting to Rs 16,518 crore issued in 30 tranches since the inception of the scheme in 2018, have been handed over to the Election Commission.
The Supreme Court's landmark verdict on February 15 declared the Centre's electoral bonds scheme unconstitutional, leading to the annulment of the scheme. The Court ordered the disclosure of donors, donation amounts, and recipients by the Election Commission.
Despite SBI's request for an extension until June 30 for disclosure, the apex court rejected it and directed the bank to provide all relevant details to the Election Commission by the close of working hours on Tuesday.
Former finance secretary S C Garg criticized SBI's delay tactics, stating that the bank's attempt to match each electoral bond buyer with its recipient political party was unnecessary, as it was not mandated by the Supreme Court. Garg highlighted the lack of serial numbers or identifiers on the bonds, making it challenging for SBI to trace specific bond transactions.
The electoral bonds scheme, introduced on January 2, 2018, aimed to bring transparency to political funding by providing an alternative to cash donations made to political parties. The first sale of electoral bonds occurred in March 2018. These bonds were to be redeemed exclusively by eligible political parties through authorized bank accounts, with SBI being the sole issuer. Only Indian citizens or entities incorporated in the country were permitted to purchase electoral bonds.
Registered political parties that secured at least 1 per cent of the votes in the previous Lok Sabha or legislative assembly elections were eligible to receive funding through electoral bonds.
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