Introduction:
In a significant development, the State Bank of India (SBI) has promptly adhered to the Supreme Court's directive by submitting detailed information regarding the purchasers and recipients of electoral bonds to the Election Commission. This action follows a recent court ruling demanding transparency in political funding. Just a day after the Supreme Court's mandate, SBI has fulfilled its obligation, providing the Electoral Commission with crucial data.
Submission of Electoral Bond Details:
SBI has dutifully submitted intricate details of electoral bond transactions to the Election Commission, in line with the Supreme Court's orders. The Election Commission has confirmed the receipt of this data and is poised to make it publicly available on its website by March 15.
Background of Electoral Bonds Scheme:
The electoral bonds scheme, introduced in 2018, was aimed at providing a transparent mechanism for political donations, replacing cash contributions. Under this scheme, SBI has issued electoral bonds worth a staggering Rs 16,518 crore over 30 transactions since its inception.
Supreme Court's Verdict:
However, in a landmark decision on February 15, the Supreme Court declared the electoral bonds scheme unconstitutional, citing concerns over anonymity in political funding. The court mandated the disclosure of donor identities, donation amounts, and beneficiaries. SBI's request for an extension to disclose this information until June 30 was denied by the Supreme Court.
Critique of SBI's Approach:
Former finance secretary S C Garg criticized SBI's delay tactics, noting that the bank's attempt to match each bond buyer with the corresponding political party was unnecessary, as per the Supreme Court's order. Garg highlighted the lack of serial numbers or identifiers on the bonds, making it impossible for SBI to trace specific transactions to donors or recipients.
Conclusion:
The submission of electoral bond details by SBI marks a crucial step towards transparency in political funding, as mandated by the Supreme Court. This move is expected to shed light on the previously opaque process of political contributions, bringing accountability to the forefront. As the Election Commission prepares to make this information public, it signifies a significant stride towards ensuring fairness and integrity in electoral financing.
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