New Delhi: In adherence to a directive from the Supreme Court, the State Bank of India (SBI) has submitted the details of electoral bonds to the Election Commission of India. The submission comes following a landmark verdict by the Supreme Court on February 15, which deemed the electoral bonds scheme "unconstitutional" and mandated disclosure of donor details, donation amounts, and recipients.
The Supreme Court's order on Monday mandated SBI to disclose the electoral bond details to the Election Commission by the close of business hours on March 12. In compliance, SBI has submitted the necessary information, paving the way for greater transparency in political funding.
According to sources familiar with the matter, SBI has issued electoral bonds worth a staggering Rs 16,518 crore across 30 tranches since the inception of the scheme in 2018. These bonds were introduced as an alternative to cash donations to political parties, with the aim of improving transparency in political funding.
Despite SBI's plea for an extension until June 30 to disclose the details, the apex court rejected the request and instructed the bank to furnish all information to the Election Commission by the close of Tuesday's working hours.
As per the Supreme Court's directives, the Election Commission is tasked with publishing the details provided by SBI on its official website by 5 pm on March 15. This move is expected to enhance accountability and transparency in political funding processes.
The electoral bonds, introduced in March 2018, were designed to be redeemed exclusively by eligible political parties through authorized bank accounts. SBI, being the sole authorized bank for issuing these bonds, holds a pivotal role in ensuring adherence to the legal framework governing political financing.
The submission of electoral bond details marks a significant step towards fostering transparency and accountability in political funding, in line with the principles of democratic governance.