SBI Requests Supreme Court to allow extension till June 2024 to submit Electoral Bonds Data

The State Bank of India (SBI) has asked the Supreme Court for more time to provide details about the electoral bonds scheme to the Election Commission. The original deadline set by the court was March 6, but the SBI requested an extension until June 30, citing difficulties.

Details of the Request:

• Deadline Extension: SBI requested time until June 30 due to challenges in meeting the original deadline.
• Bond Issuance: Between April 2019 and February 15, 2024, 22,217 bonds were issued to various political parties as specified by the Supreme Court.
• Information Compilation: SBI had to compile 44,434 sets of information due to two separate data systems.

Electoral Bonds Scheme:

• Introduced by: The scheme was introduced by the Narendra Modi government in early 2018.
• Purpose: It allowed anonymous donations to political parties from companies and individuals in India.
• Court’s Decision: The Supreme Court declared the scheme unconstitutional on February 15, 2024, due to violations of voters’ right to information.

Court Orders:

• Submission Details: SBI was ordered to provide details of bonds purchased between April 12, 2019, and the date of the court’s judgment.
• Required Information: This includes purchase dates, purchaser names, bond denominations, and details of bonds encashed by political parties during this period.
• Publication Deadline: The Election Commission must publish the received information by March 13 on its website.

Financial Statistics:

• Electoral Bond Sales: The government disclosed that Rs 16,518 crore worth of electoral bonds were sold from 2018 to the beginning of 2024.

Court’s Remarks:

• Quid Pro Quo: Chief Justice of India D.Y. Chandrachud highlighted that financial contributions to political parties may involve support or quid pro quo arrangements.
• Privacy of Affiliation: The court emphasized that privacy regarding political affiliation does not extend to contributions influencing public policy.