In a recent development, the Supreme Court has reprimanded the State Bank of India (SBI) for failing to provide complete data regarding electoral bonds, a scheme that allowed anonymous donations to political parties. The court had earlier invalidated the electoral bonds scheme and instructed SBI to share all details of donations made over the past five years.
During a hearing on a petition filed by the Election Commission, the Supreme Court expressed dissatisfaction with the data provided by SBI, citing that it was incomplete. Chief Justice DY Chandrachud, leading a five-judge bench, directed SBI to disclose electoral bond numbers along with the previously shared information.
Chief Justice Chandrachud emphasized the importance of transparency, stating, “Who is appearing for the State Bank of India? They have not disclosed the bond numbers. It has to be disclosed by the State Bank of India.”
The Supreme Court’s notice to SBI includes a request for an explanation regarding the lapse, scheduled for the next hearing on March 18.
The disclosure of electoral bond numbers is crucial as it would establish a clear link between donors and political parties, shedding light on the flow of funds in political financing.
Electoral bonds, introduced by the BJP government in 2018, allowed individuals and businesses to donate money to political parties without publicly declaring the source. The scheme was presented as a means to enhance transparency in political funding by offering an alternative to cash donations.
However, last month, the Supreme Court declared the electoral bonds scheme unconstitutional, citing concerns about potential quid pro quo arrangements. The court also directed SBI to share comprehensive details regarding the purchase and redemption of the bonds with the Election Commission.
In response to the court’s order, the Election Commission confirmed that it did not retain copies of the documents submitted during the proceedings and requested their return to comply with the court’s directives.
The ongoing scrutiny of electoral bonds reflects a broader debate on transparency and accountability in political financing, highlighting the judiciary’s role in ensuring adherence to constitutional principles.
Sources By Agencies
