“State Bank of India Submits Electoral Bonds Data to Election Commission Following Supreme Court Directive”

The State Bank of India (SBI) has complied with the Supreme Court’s directive by providing the Election Commission of India (ECI) with comprehensive data regarding electoral bonds encashed by political parties since April 12, 2019.

Following the Supreme Court’s order on Monday, which mandated the submission of this data by 5:30 pm on Tuesday, SBI promptly furnished the required information to the ECI.

However, it has been revealed that the data submitted by SBI to the ECI is in raw format, presenting a challenge in compiling and publishing all the details on the ECI website by the designated deadline of March 15.

In a judgment issued on February 15, a Constitution Bench of the Supreme Court unanimously invalidated the Electoral Bonds Scheme and instructed SBI to provide the ECI with particulars of political parties that received contributions through electoral bonds from April 12, 2019.

The Court specifically mandated SBI to disclose details such as the purchaser’s name, denomination of electoral bonds purchased, and particulars of each electoral bond redeemed by political parties, including the date of encashment.

SBI initially sought an extension of the deadline until June 30 to fulfill these obligations, but the Supreme Court dismissed this application on March 11, reaffirming the requirement for SBI to supply the details to the ECI by 5:30 pm on Tuesday.

The electoral bonds scheme permitted donors to anonymously contribute funds to political parties by purchasing bearer bonds from SBI. It was introduced through the Finance Act, 2017, which amended multiple statutes including the Reserve Bank of India Act, the Income Tax Act, and the Representation of People Act.

Several petitions challenging amendments made through the Finance Act, 2017 were filed before the Supreme Court, alleging that they facilitated unregulated financial contributions to political parties. The Court concurred with these arguments and struck down the electoral bonds scheme.