<p>India's Supreme Court scrapped the donations to political parties via electoral bonds on February 15, seven years after the scheme was first implemented in&nbsp;2017 and just two months ahead of the Lok Sabha elections 2024.&nbsp;</p>

<p>A report by local media outlet citing documents obtained under the Right to Information Act (RTI) has now disclosed that the Indian Finance Ministry approved the printing of Rs 10,000 crore ($1.1bn) worth of electoral bonds by the Security Printing and Minting Corporation of India (SPMCIL)&nbsp;on February 12, just three days before the landmark ruling by the apex court discontinued the bond scheme.&nbsp;</p>

<p>It was a total of 10,000 bonds approved with a value of each of them being Rs 1 crore ($119.9k) each.&nbsp;&nbsp;</p>

<p>Notably, the electoral bond system allowed individuals and corporations to donate money to political parties anonymously.</p>

<p>According to documents seen by Indian Express, the Finance Ministry had instructed the State Bank of India (SBI) to stop the printing process on February 28. It was nearly two weeks after the&nbsp;Supreme Court's ruling that the government asked for putting a halt on the printing of electoral bonds worth nearly more than a billion dollars.&nbsp;&nbsp;&nbsp;</p>

<p>Also Read |&nbsp;<a href="https://www.wionews.com/india-news/they-only-know-how-to-cook-congress-mla-gets-embroiled-in-controversy-over-sexist-remark-705887">'They only know how to cook': Congress MLA gets embroiled in controversy over sexist remark</a></p>

<p>This revelation comes days after SBI disclosed the bond numbers and other relevant information to Election Commission of India (ECI) which further made it public on its website.&nbsp;&nbsp;&nbsp;</p>

<p>Moreover, the exclusive report by the media outlet said that the correspondence between the Finance Ministry and SBI revealed that 8,350 bonds had already been printed and dispatched to SBI by SPMCIL.</p>

<h2><strong>SBI asked to instruct&nbsp;SPMCIL on halt of printing</strong>&nbsp;</h2>

<p>The government requested SBI to instruct SPMCIL to stop the printing.</p>

<p>Also Read |&nbsp;<a href="https://www.wionews.com/india-news/indian-president-droupadi-muru-confers-bharat-ratna-to-two-former-pms-bjp-veteran-advani-and-others-705864">Indian President Droupadi Murmu confers Bharat Ratna to two former PMs, BJP veteran Advani, and others</a></p>

<p>Indian Finance Ministry's budget section wrote to SBI, “State Bank of India is requested to kindly communicate immediately to SPMCIL to put a hold on the printing of the remaining 1,650 Electoral Bonds for which approval had been given.”</p>

<p>Following that, there was an email sent from&nbsp;SBI to SPMCIL doing the same. The trail-mail was titled as "Hold on Printing of Electoral Bonds — Electoral Bond Scheme 2018".</p>

<p><strong>Watch |&nbsp;<a href="https://www.wionews.com/videos/india-general-elections-2024-tamil-nadu-cm-mk-stalin-campaigns-for-dmk-candidate-in-salem-705991">India General Elections 2024: Tamil Nadu CM MK Stalin campaigns for DMK candidate in Salem</a></strong></p>

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<p>The SBI’s Assistant General Manager of its Transaction Banking Department, in the email had reportedly written, “We have acknowledged the receipt of 4 boxes of Security forms of Electoral Bonds containing total 8350 Bonds email dated 23.02.2024…. As in the light of judgment given by the Honourable Supreme Court we request you to put a hold on the printing of the remaining 1,650 Electoral Bonds for which approval had been given via Budget Division Letter dated 12.01.2024.”</p>

<p><em>(With inputs from agencies)</em></p>


India's Supreme Court scrapped the donations to political parties via electoral bonds on February 15, seven years after the scheme was first implemented in 2017 and just two months ahead of the Lok Sabha elections 2024.

India's Supreme Court scrapped the donations to political parties via electoral bonds on February 15, seven years after the scheme was first implemented in 2017 and just two months ahead of the Lok Sabha elections 2024. A report by local media outlet citing documents obtained under the Right to Information Act (RTI) has now disclosed that the Indian Finance Ministry approved the printing of Rs 10,000 crore ($1.1bn) worth of electoral bonds by the Security Printing and Minting Corporation of India (SPMCIL) on February 12, just three days before the landmark ruling by the apex court discontinued the bond scheme. It was a total of 10,000 bonds approved with a value of each of them being Rs 1 crore ($119.9k) each. Notably, the electoral bond system allowed individuals and corporations to donate money to political parties anonymously. According to documents seen by Indian Express, the Finance Ministry had instructed the State Bank of India (SBI) to stop the printing process on February 28. It was nearly two weeks after the Supreme Court's ruling that the government asked for putting a halt on the printing of electoral bonds worth nearly more than a billion dollars. Also Read | 'They only know how to cook': Congress MLA gets embroiled in controversy over sexist remark This revelation comes days after SBI disclosed the bond numbers and other relevant information to Election Commission of India (ECI) which further made it public on its website. Moreover, the exclusive report by the media outlet said that the correspondence between the Finance Ministry and SBI revealed that 8,350 bonds had already been printed and dispatched to SBI by SPMCIL. SBI asked to instruct SPMCIL on halt of printing The government requested SBI to instruct SPMCIL to stop the printing. Also Read | Indian President Droupadi Murmu confers Bharat Ratna to two former PMs, BJP veteran Advani, and others Indian Finance Ministry's budget section wrote to SBI, “State Bank of India is requested to kindly communicate immediately to SPMCIL to put a hold on the printing of the remaining 1,650 Electoral Bonds for which approval had been given.” Following that, there was an email sent from SBI to SPMCIL doing the same. The trail-mail was titled as "Hold on Printing of Electoral Bonds — Electoral Bond Scheme 2018". Watch | India General Elections 2024: Tamil Nadu CM MK Stalin campaigns for DMK candidate in Salem × The SBI’s Assistant General Manager of its Transaction Banking Department, in the email had reportedly written, “We have acknowledged the receipt of 4 boxes of Security forms of Electoral Bonds containing total 8350 Bonds email dated 23.02.2024…. As in the light of judgment given by the Honourable Supreme Court we request you to put a hold on the printing of the remaining 1,650 Electoral Bonds for which approval had been given via Budget Division Letter dated 12.01.2024.” (With inputs from agencies)

Indian govt greenlit printing of $1.19bn electoral bonds days before SC scrapped scheme

<p><meta name="uuid" content="uuid7xPnYCn8e44g" /><meta charset="utf-8" /></p>

<p>The Trinamool Congress (TMC) is the biggest beneficiary of electoral bonds from lottery king Santiago Martin's Future Gaming, as per State Bank of India (SBI) data released by the Election Commission of India (ECI) on Thursday (Mar 21). The data showed that the TMC got at least $64.79 million (around Rs 540 crores) worth of electoral bonds from Future Gaming.</p>

<p>Besides the TMC, Future Gaming gave $61 million to Tamil Nadu's ruling party the Dravida Munnetra Kazhagam (DMK), nearly $19.1 million to Andhra Pradesh’s YSR Congress Party, nearly $12 million to the Bharatiya Janata Party (BJP) and nearly $6 million to the Congress.</p>

<p><strong>Also read |&nbsp;<a href="https://www.wionews.com/india-news/sbi-submits-all-electoral-bond-details-with-unique-numbers-to-election-commission-702653">Election Commission makes public details of electoral bonds submitted by SBI</a></strong></p>

<p>Two parties in the Indian state of Sikkim - the Sikkim Krantikari Morcha and Sikkim Democratic Front - got less than $1.19 million from Future Gaming. The ECI's release of the fresh data set of electoral bonds also included their alpha-numeric numbers that can help match their purchasers with the political parties that received the funds.</p>

<h2><strong>EC publishes fresh data on electoral bonds</strong></h2>

<p>The electoral bonds scheme was scrapped by the Supreme Court last month. The scheme was launched by the BJP in 2018.&nbsp;</p>

<p>While the scheme was alive, the biggest donor to political parties was Future Gaming, the second-biggest donor was Megha Engineering, and the third-biggest donor to political parties was Qwik Supply.</p>

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<p dir="ltr" lang="en">In compliance of Hon’ble Supreme Court's directions, SBI has provided data pertaining to electoral bonds to ECI today ie March 21, 2024.<br />
ECI has uploaded it on its website as received from SBI on “as is where is basis”. The data is available at this link <a href="https://t.co/VTYdeSKJmI">https://t.co/VTYdeSKJmI</a></p>
— Spokesperson ECI (@SpokespersonECI) <a href="https://twitter.com/SpokespersonECI/status/1770799329340457187?ref_src=twsrc%5Etfw">March 21, 2024</a></blockquote>
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<p>The fresh data was published after details were submitted by the SBI earlier in the day in compliance with a Supreme Court order. The data includes two sets - details of redemption by political parties and details of the donors.&nbsp;</p>

<p>The details of redemption by political parties include the serial number, the date of encashment, the name of the political party, the last four digits of the account number, prefix, bond number, denomination, pay branch code and pay teller.</p>

<p>The SBI was the only bank authorised to sell and redeem the bonds.&nbsp;&nbsp;</p>


The Trinamool Congress (TMC) is the biggest beneficiary of electoral bonds from lottery king Santiago Martin's Future Gaming, as per State Bank of India (SBI) data released by the Election Commission of India (ECI) on Thursday (Mar 21).

The Trinamool Congress (TMC) is the biggest beneficiary of electoral bonds from lottery king Santiago Martin's Future Gaming, as per State Bank of India (SBI) data released by the Election Commission of India (ECI) on Thursday (Mar 21). The data showed that the TMC got at least $64.79 million (around Rs 540 crores) worth of electoral bonds from Future Gaming. Besides the TMC, Future Gaming gave $61 million to Tamil Nadu's ruling party the Dravida Munnetra Kazhagam (DMK), nearly $19.1 million to Andhra Pradesh’s YSR Congress Party, nearly $12 million to the Bharatiya Janata Party (BJP) and nearly $6 million to the Congress. Also read | Election Commission makes public details of electoral bonds submitted by SBI Two parties in the Indian state of Sikkim - the Sikkim Krantikari Morcha and Sikkim Democratic Front - got less than $1.19 million from Future Gaming. The ECI's release of the fresh data set of electoral bonds also included their alpha-numeric numbers that can help match their purchasers with the political parties that received the funds. EC publishes fresh data on electoral bonds The electoral bonds scheme was scrapped by the Supreme Court last month. The scheme was launched by the BJP in 2018. While the scheme was alive, the biggest donor to political parties was Future Gaming, the second-biggest donor was Megha Engineering, and the third-biggest donor to political parties was Qwik Supply. In compliance of Hon’ble Supreme Court's directions, SBI has provided data pertaining to electoral bonds to ECI today ie March 21, 2024. ECI has uploaded it on its website as received from SBI on “as is where is basis”. The data is available at this link https://t.co/VTYdeSKJmI — Spokesperson ECI (@SpokespersonECI) March 21, 2024 × The fresh data was published after details were submitted by the SBI earlier in the day in compliance with a Supreme Court order. The data includes two sets - details of redemption by political parties and details of the donors. The details of redemption by political parties include the serial number, the date of encashment, the name of the political party, the last four digits of the account number, prefix, bond number, denomination, pay branch code and pay teller. The SBI was the only bank authorised to sell and redeem the bonds.

Lok Sabha polls: TMC biggest beneficiary of electoral bonds from lottery king's Future Gaming

<p>The Election Commission of India has revealed fresh data on the financial transactions of political parties through the now-quashed electoral bonds scheme. Reports suggest that the disclosed data encompassed crucial details such as the issuance dates, number of bonds, denominations, and the respective State Bank of India (SBI) branches involved in the transactions.&nbsp;</p>

<p>Additionally, it also includes the dates of receipt and crediting into the respective parties' bank accounts. However, even the new data does not contain any information on the electoral bond numbers. The election commission had provided this latest disclosed information to the SC in sealed envelopes with the poll body not retaining any.</p>

<p>Also&nbsp;<a href="https://www.wionews.com/india-news/lok-sabha-elections-2024-bjp-under-pm-modi-deploys-artificial-intelligence-to-break-language-barrier-701053">Lok Sabha Elections 2024: BJP under PM Modi deploys Artificial Intelligence to break language barrier</a></p>

<p>Each electoral bond issued by the State Bank of India reportedly bears a distinctive alphanumeric code, visible only under certain lighting conditions. This code serves as a means to associate each donation with the corresponding political party that receives it, forming a link between the donors and recipients.</p>

<p>Also Read |&nbsp;<a href="https://www.wionews.com/india-news/telangana-cm-launches-scathing-attack-against-brs-and-bjp-over-kavithas-arrest-calls-it-serial-drama-700937">Telangana CM launches scathing attack against BRS and BJP over Kavitha's arrest, calls it 'serial drama</a></p>

<p>Earlier, Chief Justice of India DY Chandrachud, leading a five-judge bench, questioned the SBI's reluctance to disclose the individual bond numbers. The court reiterated its earlier directive for full transparency and urged for disclosing all pertinent details, including bond numbers.</p>

<p><strong>Watch |&nbsp;<a href="https://www.wionews.com/videos/lok-sabha-elections-election-commission-announces-poll-dates-leaders-react-to-date-announcement-701065">Lok Sabha Elections: Election Commission announces poll dates, leaders react to date announcement</a></strong></p>

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<p>Earlier, the State Bank Of India had requested an extension to submit electoral bond data until June 30, however, the Supreme Court had dismissed it. The unveiling of the electoral bond details coincided with the announcement of the dates for the upcoming Lok Sabha elections, scheduled to take place in seven phases from April 19 to June 1, with results expected on June 4.</p>

<p>According to the State Bank of India, a total of 22,217 electoral bonds were purchased and 22,030 were redeemed by political parties between April 1, 2019, and February 15, 2024.</p>

<p><em>(With inputs from agencies)</em></p>


The Election Commission of India has revealed fresh data on the financial transactions of political parties through the now-quashed electoral bonds scheme. Reports suggest that the disclosed data encompassed crucial details such as the issuance dates, number of bonds, denominations, and the respective State Bank of India (SBI) branches involved in the transactions.

The Election Commission of India has revealed fresh data on the financial transactions of political parties through the now-quashed electoral bonds scheme. Reports suggest that the disclosed data encompassed crucial details such as the issuance dates, number of bonds, denominations, and the respective State Bank of India (SBI) branches involved in the transactions. Additionally, it also includes the dates of receipt and crediting into the respective parties' bank accounts. However, even the new data does not contain any information on the electoral bond numbers. The election commission had provided this latest disclosed information to the SC in sealed envelopes with the poll body not retaining any. Also Lok Sabha Elections 2024: BJP under PM Modi deploys Artificial Intelligence to break language barrier Each electoral bond issued by the State Bank of India reportedly bears a distinctive alphanumeric code, visible only under certain lighting conditions. This code serves as a means to associate each donation with the corresponding political party that receives it, forming a link between the donors and recipients. Also Read | Telangana CM launches scathing attack against BRS and BJP over Kavitha's arrest, calls it 'serial drama Earlier, Chief Justice of India DY Chandrachud, leading a five-judge bench, questioned the SBI's reluctance to disclose the individual bond numbers. The court reiterated its earlier directive for full transparency and urged for disclosing all pertinent details, including bond numbers. Watch | Lok Sabha Elections: Election Commission announces poll dates, leaders react to date announcement × Earlier, the State Bank Of India had requested an extension to submit electoral bond data until June 30, however, the Supreme Court had dismissed it. The unveiling of the electoral bond details coincided with the announcement of the dates for the upcoming Lok Sabha elections, scheduled to take place in seven phases from April 19 to June 1, with results expected on June 4. According to the State Bank of India, a total of 22,217 electoral bonds were purchased and 22,030 were redeemed by political parties between April 1, 2019, and February 15, 2024. (With inputs from agencies)

Election Commission of India reveals fresh data on electoral bonds

<p>The Indian Supreme Court, on Monday (Mar 11) will hear an application filed by the State Bank of India (SBI), seeking an extension until June 30 to disclose details of each electoral bond encashed by political parties before the scheme was scrapped last month.</p>

<h2><strong>Constitutional bench</strong></h2>

<p>A five-judge Constitution Bench led by Chief Justice D.Y. Chandrachud and comprising justices Sanjiv Khanna, B. R. Gavai, J. B. Pardiwala, and Manoj Misra, is set to convene today (Monday, Mar 11) at 10:30 am to deliberate on two petitions.&nbsp;</p>

<p><strong>Also read |&nbsp;<a href="https://www.wionews.com/india-news/india-sc-rejects-sbis-electoral-bond-disclosure-extension-plea-asks-eci-to-publish-details-by-march-15-698888">India: SC rejects SBI's electoral bond disclosure extension plea; asks ECI to publish details by March 15</a></strong></p>

<p>Along with SBI's plea seeking extension, the bench will also consider a separate plea, requesting the initiation of contempt action against the SBI. This plea alleges that SBI "wilfully and deliberately" disobeyed the apex court's direction to submit details of contributions made to political parties through electoral bonds to the Election Commission by March 6.</p>

<h2><strong>The scrapping of electoral bonds</strong></h2>

<p>In a significant ruling on February 15, a five-judge Constitution Bench invalidated the central government's electoral bonds scheme, which permitted anonymous political funding, deeming it "unconstitutional." The court also mandated disclosure by the Election Commission of the donors, their donation amounts, and the recipients by March 13.</p>

<p>Subsequently, the top court directed the SBI, the designated financial institution under the scheme, to furnish details of electoral bonds purchased from April 12, 2019, to date to the Election Commission by March 6. The Commission was instructed to publish this information on its official website by March 13.</p>

<p><strong>Also read |&nbsp;<a href="https://www.wionews.com/india-news/india-president-accepts-resignation-tendered-by-election-commissioner-arun-goel-ahead-of-lok-sabha-polls-698380">India: Election Commissioner Arun Goel resigns ahead of Lok Sabha polls, president accepts resignation</a></strong></p>

<p>However, as per news agency PTI, on March 4, the SBI petitioned the apex court for an extension until June 30 to disclose the details of electoral bonds encashed by political parties. The bank argued that retrieving information from "each silo" and "decoding" electoral bonds and matching donors to donations due to stringent anonymity measures would be a time-consuming exercise.</p>

<p>The data pertaining to bond issuance and redemption were maintained separately to safeguard donor anonymity.</p>

<h2><strong>SBI's 'mala fide' application</strong></h2>

<p>A subsequent petition was lodged seeking contempt proceedings against the SBI for allegedly flouting the apex court's directives. The petitioners, NGOs Association for Democratic Reforms and Common Cause, accused the SBI of filing the extension application at the eleventh hour to prevent public disclosure of donor details before the upcoming Lok Sabha elections.</p>

<p>"It is submitted that the said application is mala fide and demonstrates a wilful and deliberate disobedience &amp; defiance of the judgement passed by the constitution bench of this court. It is further a clear attempt to undermine the authority of this court," it alleged.</p>

<p>"The petitioner herein is filing the instant petition seeking initiation of contempt proceedings against State Bank of India for wilfully and deliberately disobeying the order dated February 15 passed by this court … wherein this court directed SBI to submit details of contribution made to the political parties through electoral bonds to the Election Commission of India by March 6," said the contempt plea.</p>

<p>The plea asserted that electoral bonds are "completely traceable", as evidenced by the SBI's maintenance of donor records. It contended that any form of anonymity in political party finances contradicts the principles of participatory democracy and the public's right to information, as enshrined in Article 19(1)(a) of the Constitution.</p>

<p>Access to information about electoral bonds, the petition argued, would empower voters to scrutinise, express, and make informed decisions regarding their choices.</p>

<p><em>(With inputs from agencies)</em></p>


The Indian Supreme Court, on Monday (Mar 11) will hear an application filed by the State Bank of India (SBI), seeking an extension until June 30 to disclose details of each electoral bond encashed by political parties before the scheme was scrapped last month.

The Indian Supreme Court, on Monday (Mar 11) will hear an application filed by the State Bank of India (SBI), seeking an extension until June 30 to disclose details of each electoral bond encashed by political parties before the scheme was scrapped last month. Constitutional bench A five-judge Constitution Bench led by Chief Justice D.Y. Chandrachud and comprising justices Sanjiv Khanna, B. R. Gavai, J. B. Pardiwala, and Manoj Misra, is set to convene today (Monday, Mar 11) at 10:30 am to deliberate on two petitions. Also read | India: SC rejects SBI's electoral bond disclosure extension plea; asks ECI to publish details by March 15 Along with SBI's plea seeking extension, the bench will also consider a separate plea, requesting the initiation of contempt action against the SBI. This plea alleges that SBI "wilfully and deliberately" disobeyed the apex court's direction to submit details of contributions made to political parties through electoral bonds to the Election Commission by March 6. The scrapping of electoral bonds In a significant ruling on February 15, a five-judge Constitution Bench invalidated the central government's electoral bonds scheme, which permitted anonymous political funding, deeming it "unconstitutional." The court also mandated disclosure by the Election Commission of the donors, their donation amounts, and the recipients by March 13. Subsequently, the top court directed the SBI, the designated financial institution under the scheme, to furnish details of electoral bonds purchased from April 12, 2019, to date to the Election Commission by March 6. The Commission was instructed to publish this information on its official website by March 13. Also read | India: Election Commissioner Arun Goel resigns ahead of Lok Sabha polls, president accepts resignation However, as per news agency PTI, on March 4, the SBI petitioned the apex court for an extension until June 30 to disclose the details of electoral bonds encashed by political parties. The bank argued that retrieving information from "each silo" and "decoding" electoral bonds and matching donors to donations due to stringent anonymity measures would be a time-consuming exercise. The data pertaining to bond issuance and redemption were maintained separately to safeguard donor anonymity. SBI's 'mala fide' application A subsequent petition was lodged seeking contempt proceedings against the SBI for allegedly flouting the apex court's directives. The petitioners, NGOs Association for Democratic Reforms and Common Cause, accused the SBI of filing the extension application at the eleventh hour to prevent public disclosure of donor details before the upcoming Lok Sabha elections. "It is submitted that the said application is mala fide and demonstrates a wilful and deliberate disobedience & defiance of the judgement passed by the constitution bench of this court. It is further a clear attempt to undermine the authority of this court," it alleged. "The petitioner herein is filing the instant petition seeking initiation of contempt proceedings against State Bank of India for wilfully and deliberately disobeying the order dated February 15 passed by this court … wherein this court directed SBI to submit details of contribution made to the political parties through electoral bonds to the Election Commission of India by March 6," said the contempt plea. The plea asserted that electoral bonds are "completely traceable", as evidenced by the SBI's maintenance of donor records. It contended that any form of anonymity in political party finances contradicts the principles of participatory democracy and the public's right to information, as enshrined in Article 19(1)(a) of the Constitution. Access to information about electoral bonds, the petition argued, would empower voters to scrutinise, express, and make informed decisions regarding their choices. (With inputs from agencies)

India: Supreme Court to hear SBI's electoral bond disclosure delay plea, and contempt allegations against bank

<p>The Supreme Court of India on Monday (Mar 11) rejected the State Bank of India's (SBI) plea seeking an extension until June 30 to disclose details of each electoral bond encashed by political parties before the scheme was scrapped last month. Instead, it directed the bank&nbsp;"to disclose the details by the close of business hours of 12 March 2024 (Tuesday)".</p>

<p>Furthermore, the Election Commission of India (ECI) has been directed to "compile the information and publish the details on its official website no later than by 15 March 2024 by 5 PM."</p>

<h2><strong>Contempt charges</strong></h2>

<p>A five-judge Constitution Bench led by Chief Justice D.Y. Chandrachud and comprising justices Sanjiv Khanna, B. R. Gavai, J. B. Pardiwala, and Manoj Misra also heard a plea&nbsp;requesting the initiation of contempt action against the SBI. The plea alleged that SBI "wilfully and deliberately" disobeyed the apex court's direction to submit details of contributions made to political parties through electoral bonds to the Election Commission by March 6.</p>

<p>The court has asked SBI to "file an affidavit of its Chairman and Managing Director on compliance with the directions issued above." It warned the bank that it may move ahead with contempt charges if its instructions are flouted.</p>

<p>"While we are not inclined to exercise the contempt jurisdiction at this time, we place SBI on notice that this Court may be inclined to proceed against it for wilful disobedience if SBI does not comply with the directions by the timelines indicated in this order," the court observed.</p>

<h2><strong>The scrapping of electoral bonds</strong></h2>

<p>In a significant ruling on February 15, a five-judge Constitution Bench invalidated the central government's electoral bonds scheme, which permitted anonymous political funding, deeming it "unconstitutional." The court also mandated disclosure by the Election Commission of the donors, their donation amounts, and the recipients by March 13.</p>

<p>Subsequently, the top court directed the SBI, the designated financial institution under the scheme, to furnish details of electoral bonds purchased from April 12, 2019, to date to the Election Commission by March 6. The Commission was instructed to publish this information on its official website by March 13.</p>

<p>However, as per news agency PTI, on March 4, the SBI petitioned the apex court for an extension until June 30 to disclose the details of electoral bonds encashed by political parties. The bank argued that retrieving information from "each silo" and "decoding" electoral bonds and matching donors to donations due to stringent anonymity measures would be a time-consuming exercise.</p>

<p>The data on bond issuance and redemption were maintained separately to safeguard donor anonymity, it said.</p>

<p><em>(With inputs from agencies)</em></p>


The Supreme Court of India on Monday (Mar 11) rejected the State Bank of India's (SBI) plea seeking an extension until June 30 to disclose details of each electoral bond encashed by political parties before the scheme was scrapped last month.

The Supreme Court of India on Monday (Mar 11) rejected the State Bank of India's (SBI) plea seeking an extension until June 30 to disclose details of each electoral bond encashed by political parties before the scheme was scrapped last month. Instead, it directed the bank "to disclose the details by the close of business hours of 12 March 2024 (Tuesday)". Furthermore, the Election Commission of India (ECI) has been directed to "compile the information and publish the details on its official website no later than by 15 March 2024 by 5 PM." Contempt charges A five-judge Constitution Bench led by Chief Justice D.Y. Chandrachud and comprising justices Sanjiv Khanna, B. R. Gavai, J. B. Pardiwala, and Manoj Misra also heard a plea requesting the initiation of contempt action against the SBI. The plea alleged that SBI "wilfully and deliberately" disobeyed the apex court's direction to submit details of contributions made to political parties through electoral bonds to the Election Commission by March 6. The court has asked SBI to "file an affidavit of its Chairman and Managing Director on compliance with the directions issued above." It warned the bank that it may move ahead with contempt charges if its instructions are flouted. "While we are not inclined to exercise the contempt jurisdiction at this time, we place SBI on notice that this Court may be inclined to proceed against it for wilful disobedience if SBI does not comply with the directions by the timelines indicated in this order," the court observed. The scrapping of electoral bonds In a significant ruling on February 15, a five-judge Constitution Bench invalidated the central government's electoral bonds scheme, which permitted anonymous political funding, deeming it "unconstitutional." The court also mandated disclosure by the Election Commission of the donors, their donation amounts, and the recipients by March 13. Subsequently, the top court directed the SBI, the designated financial institution under the scheme, to furnish details of electoral bonds purchased from April 12, 2019, to date to the Election Commission by March 6. The Commission was instructed to publish this information on its official website by March 13. However, as per news agency PTI, on March 4, the SBI petitioned the apex court for an extension until June 30 to disclose the details of electoral bonds encashed by political parties. The bank argued that retrieving information from "each silo" and "decoding" electoral bonds and matching donors to donations due to stringent anonymity measures would be a time-consuming exercise. The data on bond issuance and redemption were maintained separately to safeguard donor anonymity, it said. (With inputs from agencies)

India: SC rejects SBI's electoral bond disclosure extension plea, directs it to share info by March 12

<p>Indian Supreme Court on Thursday (Feb 15) struck down as unconstitutional the controversial electoral bonds. In a landmark verdict, the five-judge bench of the Supreme Court headed by Chief Justice DY Chandrachud ruled that there's a danger that the financial instruments, which allow for those investing in them to stay anonymous, could lead to 'quid pro quo'.</p>

<p>Thursday's ruling by the apex court&nbsp;comes just ahead of the 2024 general elections.</p>

<p>In April 2019, the Supreme Court declined to stay the electoral bonds scheme, stressing the need to reduce the cash component in the electoral process. Last November, the court had reserved its verdict on a batch of petitions challenging the constitutional validity of the bonds.</p>

<p>But what are electoral bonds and how did they become a point of contention in the Indian electoral system and politics?</p>

<h2><strong>What are electoral bonds? Why were they introduced?</strong></h2>

<p>Indian elections are one of the largest and most complex in the world, with millions of voters and multiple political parties competing in elections at various levels of government.</p>

<p>However, a longstanding challenge in Indian politics has been the issue of transparency and accountability in political funding. To address this challenge, the Indian government introduced electoral&nbsp;Bonds in 2018 as part of electoral reforms aimed at bringing greater transparency to the process of political funding.</p>

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<p>Electoral Bond is a type of financial instrument that functions like a Promissory Note and an interest-free banking tool.</p>

<p>Any Indian citizen or organisation registered in India can buy these bonds after fulfilling the Know Your Customer (KYC) norms laid down by the Reserve Bank of India (RBI), the country's central bank.</p>

<p>Before the introduction of Electoral Bonds, political parties in India relied heavily on donations from individuals and corporate entities to fund their election campaigns and day-to-day activities.</p>

<p>The need for electoral reforms to address these concerns was highlighted by various stakeholders, including civil society organisations, electoral watchdogs, and the judiciary. In response, the government initiated efforts to reform the electoral system and enhance transparency in political funding.</p>

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<p>Electoral Bonds were introduced in India through the Finance Act, of 2017, as a means of reforming political funding and promoting transparency.</p>

<h2><strong>Key Features of Electoral Bonds</strong></h2>

<p><strong>Anonymity</strong>: One of the key features of Electoral Bonds is the anonymity of the donor. Unlike traditional forms of political donations, where the identity of the donor is disclosed to the public and the receiving political party, Electoral Bonds allow donors to remain anonymous. This was intended to protect the privacy and security of donors and shield them from potential retribution or harassment.</p>

<p><strong>Denominations:</strong> Electoral Bonds are available in various denominations ranging from ₹1,000 to ₹1 crore (10 million). Donors can purchase these bonds from notified banks in India, with the State Bank of India (SBI), the largest public sector lender&nbsp;in the country,&nbsp;being the only authorised institution&nbsp;to issue Electoral Bonds.</p>

<p><strong>Watch | India: Ahead of 2024 polls, electoral bonds in focus; bond scheme case back in headlines&nbsp;</strong></p>

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<p><strong>Validity: </strong>Electoral Bonds have a validity period within which they must be redeemed. As per the existing regulations, the bonds have a validity of 15 days from the date of issuance. This timeframe is designed to ensure that the bonds are promptly encashed by the receiving political parties.</p>

<p><strong>Transparency</strong>: While the identity of the donor remains anonymous, the sale and redemption of Electoral Bonds are recorded electronically by the issuing bank. This electronic tracking system is intended to enhance transparency in the overall process of political funding and enable regulatory authorities to monitor the flow of funds.</p>

<h2><strong>Why did petitioners challenge Electoral bonds scheme in Supreme Court?</strong></h2>

<p>The electoral bonds scheme was first announced by former finance minister Arun Jaitley during the 2017 Budget Session. Later, it was notified in January 2018 as a source of political funding by way of money bills introducing amendments to the Finance Act and the Representation of the People Act.</p>

<p>Since their introduction, Electoral Bonds have been a subject of debate and controversy in India.</p>

<p>Proponents argue that they provide a legitimate channel for political funding while protecting the privacy and security of donors.&nbsp;</p>

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<p>However, critics raised concerns about the lack of transparency and accountability in the Electoral Bonds scheme.</p>

<p>They argued that the anonymity of donors undermines transparency in political funding, and raises questions about the influence of undisclosed donations on political decisions.&nbsp;</p>

<p>Several petitions were filed in the Supreme Court, including by the political parties like Congress, CPI (M), besides&nbsp;some NGOs, against the constitutional validity of the electoral bonds scheme.</p>

<p>The hearing into this matter began on October 31 last year.</p>

<p>According to the petitioners, the scheme violated the right to information, opened doors to shell companies, and promoted corruption.</p>

<p>Rajya Sabha MP and senior advocate Kapil Sibal had said in the past that a political party could use the donations for any purposes other than elections.</p>

<h2><strong>Supreme Court’s verdict: Key points from ruling on electoral bonds</strong></h2>

<p>The Supreme Court on Thursday morning, while striking down the electoral bonds scheme calling it “unconstitutional”, also asked SBI to immediately stop issuing them.</p>

<p>The five-judge bench of Chief Justice DY Chandrachud, and Justices Sanjiv Khanna, BR Gavai, JB Pardiwala, and Manoj Misra arrived at the decision unanimously.</p>

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<p>Below are the salient points from the judgement:</p>

<ul>
	<li>"Information about funding of political parties is essential for the effective exercise of the choice of voting," Chief Justice Chandrachud stressed on the importance of open governance.</li>
	<li><strong>Violation Of Article 19(1)(a): </strong>Authoring an opinion on behalf of himself and Justices Gavai, Pardiwala, and Misra, the chief justice held that the electoral bonds scheme violated Article 19(1)(a) of the Constitution.</li>
	<li><strong>Other purposes: </strong>The court held that the restrictive means test of the doctrine of proportionality is not satisfied and that there are&nbsp;means other than electoral bonds to achieve the purpose of curbing black money, even assuming it to be a legitimate objective.</li>
</ul>

<p><em>(With inputs from agencies)</em></p>


Indian Supreme Court on Thursday (Feb 15) struck down as unconstitutional the controversial electoral bonds. In a landmark verdict, the five-judge bench of the Supreme Court headed by Chief Justice DY Chandrachud ruled that there's a danger that the financial instruments, which allow for those investing in them to stay anonymous, could lead to 'quid pro quo'.

Indian Supreme Court on Thursday (Feb 15) struck down as unconstitutional the controversial electoral bonds. In a landmark verdict, the five-judge bench of the Supreme Court headed by Chief Justice DY Chandrachud ruled that there's a danger that the financial instruments, which allow for those investing in them to stay anonymous, could lead to 'quid pro quo'. Thursday's ruling by the apex court comes just ahead of the 2024 general elections. In April 2019, the Supreme Court declined to stay the electoral bonds scheme, stressing the need to reduce the cash component in the electoral process. Last November, the court had reserved its verdict on a batch of petitions challenging the constitutional validity of the bonds. But what are electoral bonds and how did they become a point of contention in the Indian electoral system and politics? What are electoral bonds? Why were they introduced? Indian elections are one of the largest and most complex in the world, with millions of voters and multiple political parties competing in elections at various levels of government. However, a longstanding challenge in Indian politics has been the issue of transparency and accountability in political funding. To address this challenge, the Indian government introduced electoral Bonds in 2018 as part of electoral reforms aimed at bringing greater transparency to the process of political funding. Also Read | Farmers' protest 2.0: Protesters plan to block trains, demand PM Modi to intervene Electoral Bond is a type of financial instrument that functions like a Promissory Note and an interest-free banking tool. Any Indian citizen or organisation registered in India can buy these bonds after fulfilling the Know Your Customer (KYC) norms laid down by the Reserve Bank of India (RBI), the country's central bank. Before the introduction of Electoral Bonds, political parties in India relied heavily on donations from individuals and corporate entities to fund their election campaigns and day-to-day activities. The need for electoral reforms to address these concerns was highlighted by various stakeholders, including civil society organisations, electoral watchdogs, and the judiciary. In response, the government initiated efforts to reform the electoral system and enhance transparency in political funding. Also Read | India to set up 'Bharat Mart' in Dubai: All you need to know about the warehouse facility Electoral Bonds were introduced in India through the Finance Act, of 2017, as a means of reforming political funding and promoting transparency. Key Features of Electoral Bonds Anonymity: One of the key features of Electoral Bonds is the anonymity of the donor. Unlike traditional forms of political donations, where the identity of the donor is disclosed to the public and the receiving political party, Electoral Bonds allow donors to remain anonymous. This was intended to protect the privacy and security of donors and shield them from potential retribution or harassment. Denominations: Electoral Bonds are available in various denominations ranging from ₹1,000 to ₹1 crore (10 million). Donors can purchase these bonds from notified banks in India, with the State Bank of India (SBI), the largest public sector lender in the country, being the only authorised institution to issue Electoral Bonds. Watch | India: Ahead of 2024 polls, electoral bonds in focus; bond scheme case back in headlines × Validity: Electoral Bonds have a validity period within which they must be redeemed. As per the existing regulations, the bonds have a validity of 15 days from the date of issuance. This timeframe is designed to ensure that the bonds are promptly encashed by the receiving political parties. Transparency: While the identity of the donor remains anonymous, the sale and redemption of Electoral Bonds are recorded electronically by the issuing bank. This electronic tracking system is intended to enhance transparency in the overall process of political funding and enable regulatory authorities to monitor the flow of funds. Why did petitioners challenge Electoral bonds scheme in Supreme Court? The electoral bonds scheme was first announced by former finance minister Arun Jaitley during the 2017 Budget Session. Later, it was notified in January 2018 as a source of political funding by way of money bills introducing amendments to the Finance Act and the Representation of the People Act. Since their introduction, Electoral Bonds have been a subject of debate and controversy in India. Proponents argue that they provide a legitimate channel for political funding while protecting the privacy and security of donors. Also Read | India: Tamil Nadu assembly passes resolutions against delimitation, ‘One Nation One Election’ However, critics raised concerns about the lack of transparency and accountability in the Electoral Bonds scheme. They argued that the anonymity of donors undermines transparency in political funding, and raises questions about the influence of undisclosed donations on political decisions. Several petitions were filed in the Supreme Court, including by the political parties like Congress, CPI (M), besides some NGOs, against the constitutional validity of the electoral bonds scheme. The hearing into this matter began on October 31 last year. According to the petitioners, the scheme violated the right to information, opened doors to shell companies, and promoted corruption. Rajya Sabha MP and senior advocate Kapil Sibal had said in the past that a political party could use the donations for any purposes other than elections. Supreme Court’s verdict: Key points from ruling on electoral bonds The Supreme Court on Thursday morning, while striking down the electoral bonds scheme calling it “unconstitutional”, also asked SBI to immediately stop issuing them. The five-judge bench of Chief Justice DY Chandrachud, and Justices Sanjiv Khanna, BR Gavai, JB Pardiwala, and Manoj Misra arrived at the decision unanimously. Also Read | Liquor ban in India's Bengaluru: Karnataka HC orders to reduce duration Below are the salient points from the judgement: "Information about funding of political parties is essential for the effective exercise of the choice of voting," Chief Justice Chandrachud stressed on the importance of open governance. Violation Of Article 19(1)(a): Authoring an opinion on behalf of himself and Justices Gavai, Pardiwala, and Misra, the chief justice held that the electoral bonds scheme violated Article 19(1)(a) of the Constitution. Other purposes: The court held that the restrictive means test of the doctrine of proportionality is not satisfied and that there are means other than electoral bonds to achieve the purpose of curbing black money, even assuming it to be a legitimate objective. (With inputs from agencies)

Explained: India Supreme Court strikes down electoral bonds. Why are they controversial?

<p><meta name="uuid" content="uuidDullPrYApUW9" /><meta charset="utf-8" />India's Supreme Court on Monday (Oct 16) referred the petitions challenging the electoral bonds scheme to a Constitution Bench of five judges. According to a report by Live Law, Chief Justice of India (CJI) DY Chandrachud said, "In view of the importance of the issue raised, and with regard to Article 145 (4) of the Constitution of India, the matter be placed before a bench of at least five judges."</p>

<p>CJI Chandrachud said that the matter would be retained on the board on October 30.&nbsp;</p>

<h2><strong>What is the case about?</strong></h2>

<p>The case involves a batch of petitions which challenged the amendments introduced by the Finance Act 2017 paving the way for the anonymous electoral bonds scheme. These petitions were filed in 2017.</p>

<p>Live Law reported that last week, a three-judge bench led by CJI Chandrachud agreed to hear the petitions after the petitioners urged that the matter be heard before the upcoming Lok Sabha elections.</p>

<p>The Finance Act introduced amendments to the Reserve Bank of India (RBI) Act, Companies Act, Income Tax Act, Representation of Peoples Act and Foreign Contributions Regulations Act to make way for the electoral bonds.</p>

<h2><strong>Who filed the petitions?</strong></h2>

<p>The petitions were filed by the Communist Party of India (Marxist) and non-governmental organisations (NGOs) Common Cause and the Association for Democratic Reforms (ADR). The petitioners challenged the scheme as an obscure funding system which is unchecked by any authority.</p>

<p>They voiced apprehensions that the amendments to the Companies Act 2013 would lead to "private corporate interests taking precedence over the needs and rights of the people of the State in policy considerations."</p>

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India's Supreme Court on Monday (Oct 16) referred the petitions challenging the electoral bonds scheme to a Constitution Bench of five judges. According to a report by Live Law, Chief Justice of India (CJI) DY Chandrachud said, "In view of the importance of the issue raised, and with regard to Article 145 (4) of the Constitution of India, the matter be placed before a bench of at least five judges.

India's Supreme Court on Monday (Oct 16) referred the petitions challenging the electoral bonds scheme to a Constitution Bench of five judges. According to a report by Live Law, Chief Justice of India (CJI) DY Chandrachud said, "In view of the importance of the issue raised, and with regard to Article 145 (4) of the Constitution of India, the matter be placed before a bench of at least five judges." CJI Chandrachud said that the matter would be retained on the board on October 30. What is the case about? The case involves a batch of petitions which challenged the amendments introduced by the Finance Act 2017 paving the way for the anonymous electoral bonds scheme. These petitions were filed in 2017. Live Law reported that last week, a three-judge bench led by CJI Chandrachud agreed to hear the petitions after the petitioners urged that the matter be heard before the upcoming Lok Sabha elections. The Finance Act introduced amendments to the Reserve Bank of India (RBI) Act, Companies Act, Income Tax Act, Representation of Peoples Act and Foreign Contributions Regulations Act to make way for the electoral bonds. Who filed the petitions? The petitions were filed by the Communist Party of India (Marxist) and non-governmental organisations (NGOs) Common Cause and the Association for Democratic Reforms (ADR). The petitioners challenged the scheme as an obscure funding system which is unchecked by any authority. They voiced apprehensions that the amendments to the Companies Act 2013 would lead to "private corporate interests taking precedence over the needs and rights of the people of the State in policy considerations." WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Indian Supreme Court refers electoral bonds case to five-judge Constitution Bench