The State Bank of India (SBI) has approached the Supreme Court requesting an extension of time until June 30 to furnish details of Electoral Bonds to the Election Commission of India (ECI). In its application, SBI cited the need for additional time to disclose information regarding electoral bonds encashed by political parties, citing practical difficulties in the decoding process.
The Constitution bench of the Supreme Court had previously directed SBI to provide details of political parties that received Electoral Bonds since April 12, 2019, and all associated particulars to the ECI by March 6. However, SBI expressed concerns over the complexity of decoding Electoral Bonds and matching donors with donations due to stringent measures ensuring donor anonymity.
According to SBI, the retrieval and matching of data from different sources would be a time-consuming process, as details of purchases made at branches are not centrally maintained. The bank highlighted that data related to bond issuance and redemption were stored separately to protect donors’ anonymity, with donors’ details initially sealed at branches before being deposited at the main branch in Mumbai.
The timeline set by the Supreme Court for completing the exercise within three weeks was deemed insufficient by SBI, necessitating an extension to comply with the court’s order effectively. The Supreme Court had previously invalidated the Electoral Bonds Scheme, which allowed for anonymous funding to political parties, and instructed SBI to cease issuing Electoral Bonds immediately.
A five-judge Constitution bench unanimously struck down the Electoral Bonds scheme, along with related amendments to the Income Tax Act and the Representation of People Act, deeming them conducive to unlimited and unchecked political funding. As per the court’s directives, SBI is required to furnish details of each electoral bond encashed by political parties, including the date and denomination of each bond.
The Electoral Bond, an instrument akin to a promissory note or bearer bond, is purchasable by individuals, companies, firms, or associations incorporated or established in India for the purpose of contributing funds to political parties. The Supreme Court further mandated the ECI to publish details of Electoral Bonds on its official website by March 13, as part of the efforts to ensure transparency and accountability in political funding.
