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SC sets 24-hr deadline for SBI to submit details of Electoral Bonds

The SC also asked the Election Commission of India (ECI) to compile the information and publish the details on its official website, no later than March 15, 2024. Read More

Monday March 11, 2024 3:43 PM, ummid.com News Network

New Delhi: In a massive setback for the State Bank of India (SBI), the Supreme Court Monday asked the India’s largest bank to submit to the Election Commission of India (ECI) by tomorrow i.e. Tuesday March 12, 2024 the details of Electoral Bonds.

The Supreme Court of India had in a landmark judgement delivered on February 15, 2024 struck down the Electoral Bonds Scheme as unconstitutional, and asked the SBI to disclose the details of the donors and parties benefited from the scheme by March 06, 2024.

The SBI however failed to meet the deadline and even asked the Supreme Court to grant it time till June 30, 2024 to disclose the required details.

The SC while rejecting the SBI request for extension also called its failure to meet the deadline as “wilful disobedience”.

The apex court also warned that it will initiate contempt proceedings against the government-run bank if it does not provide the information by tomorrow.

Chief Justice of India DY Chandrachud, who led the five-judge Constitution bench, noted that it was submitted that the donor details were kept in sealed cover in a Mumbai branch of the bank.

“The submissions of SBI indicate that the information which was directed to be disclosed is readily available with the bank and therefore there was no reason for further extension as sought for. In view of this, the SBI application is dismissed”, the Supreme Court said.

“The SBI is directed to disclose the details by the close of business hours of March 12, 2024,” the bench said.

The SC also asked the Election Commission of India (ECI) to compile the information and publish the details on its official website, no later than March 15, 2024.

The electoral bonds scheme was introduced in 2018 with the stated objective of blocking black money from entering the political system.

Soon after the scheme was implemented, a number of parties, including CPM, Congress and also non-profit Association for Democratic Reforms (ADR) challenged it in court. They argued that the confidentiality clause came in the way of the citizen's right to information.

The petitioners also submitted before the Supreme Court that a huge, very huge part, of the funds donated under the Electoral Bonds Scheme goes to the ruling BJP.

 

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