The State Bank of India (SBI) has failed to comply with the Supreme Court’s directive to disclose information regarding electoral bonds encashed by political parties as of March 6, according to a report by PTI.
Despite requesting an extension until June 30 to disclose the details, the plea made by SBI has not yet been scheduled for a hearing by the apex court. The bank cited the time-consuming process of retrieving information from various sources and matching data between silos as reasons for the delay.
As per sources, SBI has not shared any details with the Election Commission of India (EC) as required by the Supreme Court’s order on February 15. The EC was directed to publish the disclosed information on its official website by March 13.
However, an Election Commission spokesperson declined to provide any information or comments on the matter, as reported by PTI.
The Supreme Court had instructed SBI to cease issuing electoral bonds immediately following its January verdict and set March 6 as the deadline for furnishing the requested details.
The details to be provided by SBI will include information on each electoral bond encashed by political parties, including the date of encashment and the denomination of the electoral bond.
In its verdict on February 15, the Supreme Court struck down the electoral bonds scheme, which allows for anonymous funding to political parties, deeming it unconstitutional. A five-judge Constitution bench, led by Chief Justice DY Chandrachud, delivered unanimous verdicts on pleas challenging the scheme.
The court ruled that the electoral bonds scheme infringed upon the Right to Information and freedom of speech and expression under Article 19(1)(a) of the Constitution. It emphasized that there are alternative methods to fulfill the purpose of electoral funding without compromising the right to information.
Furthermore, the bench highlighted concerns regarding the close nexus between money and politics, stating that financial contributions to political parties could lead to quid pro quo arrangements, potentially favoring the party in power.
Overall, the Supreme Court’s decision to strike down the electoral bonds scheme reflects its commitment to upholding democratic principles and transparency in political funding. The failure of SBI to comply with the court’s directive underscores the challenges in ensuring accountability and integrity in electoral processes.
