SBI urges SC to extend electoral bonds info submission deadline
The State Bank of India (SBI) has asked the Supreme Court to extend the deadline to June 30, to submit information regarding electoral bonds to the Election Commission (EC). This request follows the SC's landmark decision last month, which ruled the electoral bonds scheme unconstitutional. At that time, the top court ordered SBI to provide the information to the EC by March 6.
Electoral bonds scheme deemed unconstitutional
The SC found the electoral bonds scheme to be arbitrary and in violation of citizens' right to information. Chief Justice of India (CJI) DY Chandrachud stated that the scheme could result in a quid pro quo relationship between political parties and donors. The court instructed SBI to stop issuing such bonds and provide details of donations made via this method to the EC.
EC has to publish info on website by March 13
A panel of five judges determined that the goals of fighting black money and protecting donor confidentiality could not justify the electoral bonds scheme. The court emphasized that there are other ways to combat black money. According to the SC's directive, the EC must publish the information on its website by March 13.
What are electoral bonds?
Anonymous Indian citizens and corporations used electoral bonds to donate money to political parties. These bonds were offered in multiples of Rs. 1,000, Rs. 10,000, Rs. 1 lakh, Rs. 10 lakh, and Rs. 1 crore. They could be bought at select SBI offices. The receivers could cash in such bonds within 15 days of donation. To note, more than 66% of the total income of seven national parties in India, came from electoral bonds as well as anonymous sources.
