The Election Commission of India (ECI) and the State Bank of India (SBI) took a step towards enhancing transparency in political funding by disclosing detailed information regarding electoral bonds data.
On Thursday, March 21, the Election Commission of India (ECI) and the State Bank of India (SBI) took a step towards enhancing transparency in political funding by disclosing detailed information regarding electoral bonds. This action comes in compliance with the Supreme Court’s recent orders and is poised to reshape the landscape of political donations in India.
The electoral bonds scheme, introduced in 2017 under Prime Minister Narendra Modi’s government, aimed to streamline political donations, enabling individuals and organizations to contribute to political parties anonymously. The scheme facilitated contributions via bonds purchasable from the SBI, the sole authorized bank for this purpose. Notably, these bonds carried a 15-day validity, post which unused funds would revert to the Prime Minister’s Relief Fund.
However, the transparency of this scheme was brought into question, leading to a landmark judgment by a Constitution Bench of the Supreme Court on February 15. The apex court declared the electoral bonds scheme unconstitutional due to the anonymity it afforded donors, thus keeping the electorate uninformed about the financial backers of political entities. The Court emphasized the need for transparency, instructing the SBI to reveal details of bonds sold and redeemed from April 12, 2019, to February 15, 2024.
Compliance with this directive encountered obstacles as the SBI sought an extension until June 30 to furnish the details, a request the Court declined on March 11. Subsequently, the bank was mandated to submit the required information by the following day. Despite initial compliance, the SBI faced criticism for omitting crucial bond identifiers, prompting a further directive from the Supreme Court on March 18, emphasizing the need for complete transparency.
Dinesh Kumar Khara, Chairman of the SBI, submitted a comprehensive compliance affidavit to the Supreme Court. In his affidavit, Khara clarified,
“the prefix and the bond number is in fact the alphanumeric number,”
ensuring the traceability of bonds from purchasers to political recipients. He elaborated,
“SBI has now disclosed all details and that no details (other than complete bank account numbers and KYC Details) have been withheld from disclosure,”
thereby addressing the Court’s concerns while safeguarding individual and entity privacy.
Also Read-EXCLUSIVE | SBI’s Deadline Given By SC To File Electoral Bond Details Ends Today (lawchakra.in)
The Supreme Court’s involvement did not end with this compliance. It previously adjudicated the scheme’s constitutionality, highlighting the public’s right to know the financial backers of political parties. By March 17, the Election Commission had already made preliminary electoral bond data public, following the Supreme Court’s instructions to release information held in sealed covers.
The ECI has acted in accordance with the Supreme Court’s directives, updating its website with the newly disclosed data. The Commission stated,
“In compliance with the Supreme Court’s directions, SBI has provided data pertaining to electoral bonds to ECI today i.e. March 21, 2024. ECI has uploaded it on its website as received from SBI on an ‘as is where is basis’.”
This move by the ECI ensures that both donor and recipient details are accessible, fostering a new era of transparency in political funding.
Two lists, showcasing donors and recipients, were made available, fulfilling the Supreme Court’s order and the public’s demand for transparency. This information will enable citizens to connect the dots between political contributions and parties, a significant shift from the previous anonymity.
In conclusion, the collaborative efforts of the ECI and the SBI, under the stringent oversight of the Supreme Court, mark a pivotal moment in India’s political funding landscape. This increased transparency is not only a victory for democracy but also a testament to the judiciary’s role in upholding constitutional values and the public’s right to information.
Also Read-Supreme Court’s Verdict On Electoral Bonds Hits SBI Shares: A Detailed Analysis (lawchakra.in)
READ DATA
FOLLOW US ON YOUTUBE FOR MORE LEGAL UPDATES
