<p>India's top court on Friday (Aug 2) rejected petitions seeking a detailed investigation under judicial supervision into an alleged scam of using electoral bonds (EBs). The political funding tool was introduced in 2017 but was scrapped in February by the Supreme Court of India as it was declared "unconstitutional".&nbsp;</p>

<p>“Individual grievances regarding presence of quid pro quo would have to be pursued on the basis of remedies available under the law. Where there is a refusal to investigate or closure report has been filed, appropriate remedies can be taken under law governing criminal procedure or as the case may be under Article 226,” Chief Justice of India DY Chandrachud said.</p>

<p><strong>Also read:&nbsp;<a data-ved="2ahUKEwjjiom4jtaHAxVpsFYBHW_kGFEQxfQBKAB6BAgSEAE" href="https://www.wionews.com/india-news/india-neet-ug-2024-paper-leak-was-limited-to-patna-and-hazaribagh-rules-supreme-court-746481" jsname="YKoRaf" ping="/url?sa=t&amp;source=web&amp;rct=j&amp;opi=89978449&amp;url=https://www.wionews.com/india-news/india-neet-ug-2024-paper-leak-was-limited-to-patna-and-hazaribagh-rules-supreme-court-746481&amp;ved=2ahUKEwjjiom4jtaHAxVpsFYBHW_kGFEQxfQBKAB6BAgSEAE">India: NEET-UG 2024 paper leak was limited to Patna and Hazaribagh, rules Supreme Court</a></strong></p>

<p>Two&nbsp;non-governmental organisations (NGOs) had earlier filed&nbsp;public interest litigation (PIL) that alleged&nbsp;an “apparent quid pro quo” between political parties, corporations, and investigative agencies. The petition also asked for recovering the money paid by companies as part of&nbsp;“quid pro quo arrangements where these are found to be proceeds of crime”.</p>

<p><strong>Watch:&nbsp;India: Supreme Court upholds NEET-UG 2024 amid paper leak concerns</strong></p>

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<p>The scheme was designed by Prime Minister Narendra Modi's administration to "introduce transparency" into political funding in the country but it was criticised for concerns over lack of transparency and accountability.</p>

<p>A five-judge constitution bench of the Supreme Court,&nbsp;headed by Chief Justice DY Chandrachud,&nbsp;in February, said that the anonymous electoral bonds scheme is “violative of the right to information under Article 19(1)(a).”</p>

<p>Today, the court said it will not entertain pleas regarding electoral bonds under Article 32 when other laws can be used to seek remedy for the same.</p>

<p>"The court entertained petitions challenging electoral bonds since there was an aspect of judicial review. But the cases involving criminal wrongdoing should not be under Article 32 when there are remedies available under the law," the bench of the Supreme Court said.</p>

<p><em>(With inputs from agencies)</em></p>


India's top court on Friday (Aug 2) rejected petitions seeking a detailed investigation under judicial supervision into an alleged scam of using electoral bonds (EBs).

India's top court on Friday (Aug 2) rejected petitions seeking a detailed investigation under judicial supervision into an alleged scam of using electoral bonds (EBs). The political funding tool was introduced in 2017 but was scrapped in February by the Supreme Court of India as it was declared "unconstitutional". “Individual grievances regarding presence of quid pro quo would have to be pursued on the basis of remedies available under the law. Where there is a refusal to investigate or closure report has been filed, appropriate remedies can be taken under law governing criminal procedure or as the case may be under Article 226,” Chief Justice of India DY Chandrachud said. Also read: India: NEET-UG 2024 paper leak was limited to Patna and Hazaribagh, rules Supreme Court Two non-governmental organisations (NGOs) had earlier filed public interest litigation (PIL) that alleged an “apparent quid pro quo” between political parties, corporations, and investigative agencies. The petition also asked for recovering the money paid by companies as part of “quid pro quo arrangements where these are found to be proceeds of crime”. Watch: India: Supreme Court upholds NEET-UG 2024 amid paper leak concerns × The scheme was designed by Prime Minister Narendra Modi's administration to "introduce transparency" into political funding in the country but it was criticised for concerns over lack of transparency and accountability. A five-judge constitution bench of the Supreme Court, headed by Chief Justice DY Chandrachud, in February, said that the anonymous electoral bonds scheme is “violative of the right to information under Article 19(1)(a).” Today, the court said it will not entertain pleas regarding electoral bonds under Article 32 when other laws can be used to seek remedy for the same. "The court entertained petitions challenging electoral bonds since there was an aspect of judicial review. But the cases involving criminal wrongdoing should not be under Article 32 when there are remedies available under the law," the bench of the Supreme Court said. (With inputs from agencies)

India's Supreme Court rejects pleas seeking probe into electoral bonds scheme

<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>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

After two deadlines, the State Bank of India, has finally submitted all data related to electoral bonds. Today, was the second deadline issued by the Supreme Court.

SBI finally submits electoral bond data weeks ahead of General elections in India

<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

Why did the Supreme Court term the Electoral Bonds Scheme as unconstitutional and what are the potential repercussions of this judgment on political parties, particularly in this election year?

Opposition corners government of electoral bonds, SBI asks SC for more time to furnish details