SBI submits details of electoral bonds to Election Commission

State Bank of India (SBI) submitted the details of the electoral bonds to the Election Commission of India on Tuesday evening. Supreme Court order.

Supreme Court on Monday ordered SBI to disclose details of electoral bonds Election Commission Till the end of working hours on March 12. According to the order, the Election Commission will have to publish the details shared by the bank on its official website by 5 pm on March 15.

“In compliance with the directions of the Hon’ble Supreme Court to SBI, contained in its orders dated February 15 and March 11, 2024 (in the matter of WPC No. 880 of 2017), data on electoral bonds has been supplied by State Bank of India to Today, March 12, 2024,” the Election Commission said in a post on X.

According to sources, SBI has submitted the details of electoral bonds to the Election Commission following the order of the apex court. SBI has issued electoral bonds worth Rs 16,518 crore in 30 tranches since the launch of the scheme in 2018.

Supreme CourtHowever, in a landmark judgment on February 15, the Center scrapped the electoral bond scheme that had allowed anonymous political funding, calling it “unconstitutional” and requiring the Election Commission to disclose the amount donated by donors, theirs and the recipients. Ordered to do.

SBI had sought time till June 30 to disclose the details. However, the top court rejected its plea and asked the bank to submit all the details to the Election Commission by the end of working hours on Tuesday.

The electoral bond scheme was launched on January 2, 2018. As part of efforts to bring transparency in political funding, electoral bonds have been introduced as an alternative to cash donations to political parties. The first sale of electoral bonds took place in March 2018.

The electoral bonds were to be encashed exclusively by an eligible political party through an authorized bank account, and SBI is the only authorized bank to issue these bonds. Electoral bonds were encashed by an eligible political party only through its bank account with an authorized bank.

Electoral bonds were purchased by Indian citizens or entities incorporated or established in the country.

Registered political parties that had secured at least 1 per cent of the votes polled in the last Lok Sabha or Legislative Assembly elections were eligible to receive funds through electoral bonds.

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