SBI Ordered To Submit Electoral Bonds Details To SC And EC By March 6

The Supreme Court of India has directed the State Bank of India (SBI) to submit information regarding the electoral bonds redeemed by political parties by March 6. The apex court has mandated that India's largest public lender provide these details to the Election Commission of India.

Furthermore, the Supreme Court has directed the Election Commission to publish the electoral bond details on its website by 31 March 2024.

The five-judge Constitutional bench declared that amendments allowing unrestricted funding to political parties are arbitrary.

Pronouncing the verdict, the CJI said the scheme is violative of freedom of speech and expression under Article 19(1)(a) of Constitution.

The bench said the fundamental right to privacy includes citizens' right to political privacy and affiliation.

The scheme, which was notified by the government on January 2, 2018, was pitched as an alternative to cash donations made to political parties as part of efforts to bring in transparency in political funding.

According to the provisions of the scheme, electoral bonds may be purchased by any citizen of India or entity incorporated or established in the country. An individual can buy electoral bonds, either singly or jointly with other individuals.

Electoral bonds are interest-free bearer instruments primarily utilised for anonymous donations to political parties. Introduced in 2018, these bonds are issued by the State Bank of India (SBI) and are available in denominations of Rs 1,000, Rs 10,000, Rs 1 lakh, Rs 10 lakh, and Rs 1 crore.