Electoral Bonds: Election Commission Discloses Full List From SBI

The Election Commission of India (ECI) announced on Thursday that it had followed the Supreme Court's instructions and published the information on electoral bonds on its website exactly as it was received from SBI.

The election commission released a press statement sharing the link through which the information provided by the State Bank of India can be accessed.

"In compliance of Hon'ble Supreme Court's directions, contained in its order dated Feb 15 and March 11, 2024 (in the matter of WPC NO.880 of 2017), the State Bank of India (SBI) had provided the data pertaining to the electoral bonds to the Election Commission of India (ECI) on March 12, 2024," the press note said.

"The Election Commission of India has today uploaded the data on electoral bonds on its website as received from SBI on "as is where is basis". The data as received from SBI can be accessed at this URL: https://eci.gov.in/candidate-politicalparty," it added.

According to the election commission, they have consistently and clearly supported the idea of revealing and being transparent, which is also evident in the actions of the Supreme Court and mentioned in the order as well.

The Chairman of the State Bank of India submitted a written statement to the Supreme Court on Wednesday, informing that they have provided the Election Commission of India with the purchase date, buyer's name, and denomination of each electoral bond, as per the court's instructions.

SBI Chairman Dinesh Kumar Khara stated in the affidavit that the bank has provided the Election Commission with information about when the electoral bonds were cashed, which political parties received the contributions, and the value of the bonds.

SBI has stated that they have provided information regarding the bonds that were bought and sold from April 12, 2019 to February 15, 2024.

According to the State Bank of India, a grand total of 22,217 bonds were acquired between April 1, 2019 and February 15, 2024, as reported to the Supreme Court.

"From April 1 to 11, 2019 total number of electoral bonds purchased were 3346 and total number of bonds redeemed were 1609," the affidavit stated.

SBI also informed the highest court that between April 12, 2019, and February 15, 2024, a total of 18,871 electoral bonds were bought and 20,421 bonds were redeemed.

The bank was required by the Supreme Court to submit the data of electoral bonds to the poll panel by March 12, and in accordance with this directive, the affidavit was filed.

The highest court's panel of judges cautioned SBI about potential contempt of court charges if it deliberately failed to comply with the court's order regarding the latest instructions.

The Supreme Court rejected SBI's request to extend the deadline for submitting electoral bond details to the Election Commission of India until June 30. Instead, the court ordered the bank to reveal the information by March 12.

The apex court also ordered the Election Commission of India to gather the required information from the State Bank of India and release the specifics on its official website by March 15, 2024, at 5 pm.

The Supreme Court, in its ruling on February 15, had instructed the State Bank of India (SBI) to meet the deadline of March 6. Additionally, the court ordered the Election Commission of India (ECI) to publish the information regarding electoral bonds on its official website by March 13.

In February, the Supreme Court ruled against the electoral bonds scheme, which permitted undisclosed contributions to political parties. The court also instructed the State Bank of India (SBI) to halt the issuance of these bonds without delay.

The electoral bonds scheme, along with the amendments made to the Income Tax Act and the Representation of People Act, which allowed for anonymous donations, was unanimously struck down by a five-judge Constitution bench consisting of Chief Justice of India DY Chandrachud and Justices Sanjiv Khanna, BR Gavai, JB Pardiwala, and Manoj Misra.

The request made to SBI was to provide information regarding the electoral bonds that political parties have cashed, including the specific details such as the date and denomination of each bond.

An electoral bond is a financial instrument similar to a promissory note or bearer bond that can be bought by any individual, company, firm, or association of individuals, as long as they are citizens of India or are incorporated or established in India. These bonds are specifically issued for the sole purpose of making financial contributions to political parties.

Various petitions were submitted to the highest court, contesting the changes made to various laws through the Finance Act of 2017 and the Finance Act of 2016. The basis of these petitions is that these amendments have allowed for unrestricted and unregulated funding of political parties.

Also Read: Supreme Court Rejects SBI's Plea for Electoral Bond Disclosure Extension