Shimla, Mar 11,
In a significant development, the Supreme Court has ordered the State Bank of India (SBI) to disclose the details of electoral bonds by Tuesday, March 12 before closure of business hours. Subsequently the court has directed Election Commission of India to make these details public by March 15, 2024. The apex court’s decision came during today’s hearing, where it denied any extension of time to the bank.
A five-judge Constitution bench led by Chief Justice of India DY Chandrachud said that the provisions of the electoral bonds scheme itself mandate disclosure when sought by the court making the SBI’s appeal for time “unwarranted”.
SBI had filed an application in court seeking an extension of the deadline for making public the specifics of the electoral bonds. However, the Supreme Court firmly rejected this request, emphasizing the urgency of transparency in the matter.
The apex court also directed that in case the SBI is not able to meet the timelines, may invite contempt proceedings.
Electoral bonds have been a subject of considerable debate in India, with concerns raised over their impact on political funding transparency. These bonds allow individuals and organizations to make anonymous donations to political parties.
In an order the Supreme court on February 15, 2024 had termed the electoral bond scheme and amendments in provisions in finance act and provisions of the People act 1951 and Income tax act 1961 as unconstitutional. Then in an order a 5 judge bench had ruled that the details of bonds about purchase and redemption should be made public through Election commission of India by March 13, 2024. he SBI was directed to submit all these details to ECI by March 6. However two days prior to the same, SBI moved an miscellaneous application for extension of time frame till June 30.
Later the Association of Democratic reforms (ADR) and Communist party of India moved a petition before the court to start contempt proceedings for not complying with the order of the five judge bench.
The court’s ruling underscores the importance of transparency and accountability in electoral processes. By demanding timely disclosure of electoral bond details, it aims to ensure greater transparency in political funding, a crucial aspect of democratic governance.
This decision by the Supreme Court is likely to have far-reaching implications for political financing in India, especially in light of the fact that ok Sabha polls are set to be announced any day now.
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