SC Issues Notice to State Bank of India Over Electoral Bonds Data

SC Issues Notice to State Bank of India Over Electoral Bonds Data

VoM News Desk | March 15, 2024 | 08:54 PM IST | Breaking News, Courts & Law | Follow on Google News

SC Issues Notice to State Bank of India Over Electoral Bonds Data

SC Issues Notice to State Bank of India Over Electoral Bonds Data

The Supreme Court criticized the State Bank of India (SBI) for not providing Electoral Bonds data with unique alphanumeric numbers, which help identify the bond. A five-judge Constitution bench led by Chief Justice of India DY Chandrachud issued a notice to SBI, seeking its response by Monday.

Key Points from the Court’s Order:

• The bench stated that SBI has not fully complied with its March 11 order, which instructed the bank to disclose all details regarding Electoral Bonds, including unique alphanumeric numbers.
• The court emphasized that its previous judgment clarified the necessity of disclosing all details related to Electoral Bonds, such as the date of purchase, name of the purchaser, and the denomination.
• It allowed the Election Commission of India’s request to return the Electoral Bonds documents previously submitted in sealed cover to maintain confidentiality.

Timeline and Legal Background:

• The Supreme Court, in its February verdict, struck down the Electoral Bonds Scheme, which allowed for anonymous funding to political parties. It also directed SBI to cease issuing Electoral Bonds immediately.
• The court unanimously invalidated the scheme and related amendments to the Income Tax Act and the Representation of People Act, which permitted anonymous donations.
• SBI was instructed to provide details of each Electoral Bond encashed by political parties, including the date of encashment and denomination.

About Electoral Bonds:

• Electoral Bonds are instruments akin to promissory notes or bearer bonds that can be purchased by Indian citizens or entities incorporated in India for contributing funds to political parties.
• Various petitions challenging amendments to different statutes, enabling anonymous political funding, were filed before the Supreme Court.

Conclusion:

The Supreme Court’s scrutiny of SBI’s compliance with its orders underscores the importance of transparency and accountability in political funding. The ongoing legal proceedings reflect broader efforts to regulate electoral financing and prevent unchecked contributions to political parties.

VoM News Desk

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