SBI Submits Full Electoral Bond Details Today, Including Unique Alphanumeric Numbers, to Election Commission Following Supreme Court Order, Revealing Buyer-Recipient Link. SBI also clarified that it has not excluded any detail from the disclosure.
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NEW DELHI: The State Bank of India (SBI) has complied with the Supreme Court‘s directive, submitting comprehensive information regarding electoral bonds to the Election Commission of India (ECI), including the unique alphanumeric details of each bond, which would establish the connection between the purchasers and the recipient political parties.
SBI informed the apex court Today (March 21st) that it has divulged data revealing the denomination and specific numbers of electoral bonds.
“No details other than complete account numbers and KYC withheld from disclosure in terms of SC order.”
-SBI stated.
This development follows the Supreme Court’s stern admonishment of the State Bank of India, urging it to cease its selective approach and ensure complete transparency by disclosing all aspects of the electoral bonds scheme by March 21.
In its compliance affidavit filed Today, SBI affirmed that it has provided all electoral bond details to the Election Commission. However, the bank clarified that it has refrained from updating the KYC details of political parties and purchasers to safeguard their security.
The information furnished to the ECI by SBI encompasses various aspects of electoral bonds, including the date of encashment, name of political party, bond number, denominations, last four digits of account numbers, and payment branch codes, as outlined in the affidavit.
Additionally, the details encompass information regarding electoral bond purchasers, such as URN number, journal date, date of purchase, date of expiry, purchaser’s name, bond number, denominations, issue branch code, and status.
In a significant ruling, a five-judge constitution bench had invalidated the electoral bonds scheme, deeming it “unconstitutional,” and directed the Election Commission to disclose donors’ identities, the donated amounts, and the recipients by March 13.
BACKGROUND OF THE CASE
The Supreme Court earlier made clear its stance regarding the transparency of electoral bond transactions, mandating the State Bank of India (SBI) to divulge comprehensive details about these financial instruments.
The apex court emphasized that the SBI is obligated to reveal all “conceivable” information pertaining to electoral bonds within its custody. This includes the disclosure of unique bond numbers, a critical piece of data that establishes the connection between the purchasers of the bonds and the beneficiary political parties.
The directive was issued by a distinguished five-judge bench led by Chief Justice D Y Chandrachud. This decision comes as a continuation of the Supreme Court’s earlier judgment in the case concerning electoral bonds, wherein the court had previously ordered the bank to provide complete information regarding these bonds.
The bench underscored the necessity for the State Bank of India to comply with the order without awaiting further instructions, thereby highlighting the importance of transparency in the electoral bond scheme.
SC directed the State Bank of India to make a complete disclosure of all details related to electoral bonds, including the unique bond numbers that would disclose the link between the buyer and the recipient political party, by March 21.
Bench said there is “no manner of doubt” that the SBI is required to disclose complete details of the bonds.
It directed the SBI chairman to file an affidavit before it by 5 pm on March 21 indicating that the bank has disclosed all the details.
During the proceedings, the bench stated,
“We had asked all details to be disclosed by the SBI which includes electoral bond numbers as well. Let SBI not be selective in disclosure.”
This remark was made collectively by the bench which also includes Justices Sanjiv Khanna, B R Gavai, J B Pardiwala, and Manoj Misra. This directive underscores the Supreme Court’s commitment to ensuring accountability and transparency in the financing of political parties through electoral bonds.
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