The State Bank of India (SBI) on Tuesday (February12) submitted the Electoral Bonds data to the Election Commission of India (ECI), in adherence to a strict directive from the Supreme Court issued the previous day. The President of the Supreme Court Bar Association has requested the President, Droupadi Murmu, requesting that the judgment of the Supreme Court in the Electoral Bonds case not be enforced. The letter suggests seeking a presidential reference, and until the reference is heard, the judgment should not be implemented.
Today, the State Bank of India (SBI), the nation’s largest banking institution, has adhered to the Supreme Court’s stringent directive by submitting the comprehensive data on electoral bonds to the Election Commission of India (ECI). This move comes in the aftermath of a sharp reprimand from the Supreme Court, which highlighted the bank’s “willful disobedience” and cautioned against potential contempt proceedings.
The Supreme Court’s bench, led by Chief Justice DY Chandrachud, played a pivotal role in this legal drama by rejecting SBI’s request for an extension of time. The bank had sought additional time to compile and disclose the electoral bonds information, citing the complexity and confidentiality involved in the process. However, the court’s mandate was clear and unequivocal, leading to the bank’s compliance just a day after the reprimand.
The electoral bonds scheme, which has been a subject of considerable debate and scrutiny, was recently declared “unconstitutional” by the Supreme Court, citing violations of citizens’ right to information. The scheme’s transparency, or lack thereof, has been a contentious issue, with critics arguing that it obscures the sources of political funding, thereby affecting the democratic fabric of the nation.
SBI’s submission to the ECI was not without its challenges. The bank had argued that the data, stored in separate “silos” to maintain confidentiality, required significant time to collect, cross-check, and release.
“We need a little more time to comply. We were told this is supposed to be a secret,”
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SBI representatives stated, seeking an extension till June 30, well beyond the completion of the 2024 general election.
However, the Supreme Court was unmoved by these arguments, emphasizing the necessity for transparency and immediate compliance.
“While we are not inclined to exercise contempt jurisdiction at this time, we place SBI on notice that this court may be inclined to proceed against it for willful disobedience if it does not comply with directions by timelines indicated in this order,”
the court stated, underscoring the urgency and importance of the matter.
The data, now in the hands of the ECI, is expected to be collated and made public by 5 pm on March 15, as per the Supreme Court’s orders. This information is anticipated to shed light on the sale and purchase of electoral bonds, revealing the amounts and the beneficiaries within the political landscape.
This development marks a significant step towards enhancing transparency in political funding in India. The Supreme Court’s firm stance and the subsequent compliance by SBI set a precedent for accountability and legal adherence in the banking and political sectors. As the details of the electoral bonds are awaited, the nation watches closely, hoping for a new era of transparency and integrity in political financing.
In conclusion, the submission of electoral bonds data by SBI to the Election Commission, following the Supreme Court’s directive, is a landmark event in the ongoing debate over political funding transparency in India. This episode not only highlights the judiciary’s role in upholding democratic values but also sets a significant precedent for the future of political finance in the country.
