The State Bank of India (SBI) has approached the Supreme Court seeking an extension for disclosing details of electoral bonds encashed by political parties. The Supreme Court of India, under the leadership of Chief Justice DY Chandrachud, is set to deliberate on a crucial plea from the State Bank of India (SBI).
The State Bank of India (SBI) has approached the Supreme Court seeking an extension for disclosing details of electoral bonds encashed by political parties. This move has ignited a firestorm of criticism from the opposition, with leaders accusing the ruling BJP and the SBI of attempting to obscure the financial transactions ahead of the Lok Sabha elections.
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The controversy centers around the electoral bonds scheme, a financial instrument allowing anonymous contributions to political parties. The scheme, which has been operational for several years, was recently struck down by the Supreme Court for violating various laws and Article 19(1)(a) of the Constitution, which pertains to the freedom of speech and expression.
The Supreme Court of India, under the leadership of Chief Justice DY Chandrachud, is set to deliberate on a crucial plea from the State Bank of India (SBI). The plea requests an extension of the deadline until June 30 for the disclosure of details regarding all electoral bonds redeemed since April 2019. This case is of particular interest due to its implications on transparency and accountability in political funding.
Electoral bonds have been a subject of contention, sparking debates over their impact on the transparency of political contributions. As the primary bank handling these bonds, SBI’s plea for more time to compile and disclose the information has raised questions about the challenges and complexities involved in tracking and reporting these financial instruments.
The Supreme Court’s constitution bench, led by CJI DY Chandrachud, is scheduled to address this matter on March 11. The hearing is not only crucial for SBI but also for the broader discourse on electoral finance in India. The bench’s decision could set a precedent for how financial transparency is maintained in the context of political funding.
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The SBI’s request for a nearly four-month extension to disclose electoral bonds data has drawn parallels to the operations of the Imperial Bank of India during the British Raj. The bank’s plea has been met with severe criticism from the Association for Democratic Reforms (ADR), which filed a contempt petition against the SBI for failing to meet the Supreme Court’s deadline.
Congress MP Manish Tewari expressed his dismay at the bank’s “chicanery” and emphasized the public’s right to know the details of political funding before the elections. He urged the Supreme Court to lift the corporate veil of Special Purpose Vehicles (SPVs) called electoral trusts to reveal the true identities of the donors.
Echoing Tewari’s sentiments, former Congress chief Rahul Gandhi described the SBI’s move as a “last-ditch attempt” to conceal Prime Minister Narendra Modi’s “real face” and the underlying “donation business.” Gandhi questioned the reluctance of the SBI to make this information public before the elections, highlighting the Supreme Court’s stance on the public’s right to know the truth about electoral bonds.
Trinamool Congress leader Mahua Moitra and Congress leader Abhishek Manu Singhvi also criticized the bond between the state lender and the Prime Minister, accusing the SBI of obstructing disclosure, especially before the elections. CPI(M) General Secretary Sitaram Yechury raised “suspicious apprehensions” regarding the SBI’s request for an extension, suggesting it might be an attempt to protect the BJP from potential exposure.
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The Supreme Court had previously ordered the discontinuation of the electoral bonds scheme, citing violations of citizens’ right to information. The apex court directed the SBI to cease issuing these bonds and mandated the Election Commission to publish details of donations made through this mode on its website by March 13.
In addition to SBI’s request, the court will also consider a contempt plea filed by the Association for Democratic Reforms (ADR). ADR, a non-profit organization committed to improving governance and electoral transparency, has been vocal about the need for clarity and openness regarding the sources of political funding. The contempt plea suggests that there has been a failure to comply with previous court orders related to the disclosure of electoral bond details, highlighting the ongoing struggle between transparency advocates and the mechanisms currently in place.
The SBI’s plea for an extension until June 30, citing the complexity and time-consuming nature of decoding the electoral bonds and matching donors to donations, has added another layer of intrigue to this ongoing saga. As the nation watches closely, the hearing of this extension application by the SBI is set to be a focal point of national interest, with potential implications for the transparency of political funding in India.
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