The deadline set by the Supreme Court of India for the State Bank of India (SBI) to disclose details of all electoral bonds sold has come to an end today, March 21st, 2024.an end today, March 21st, 2024.
Background:
Electoral bonds are a method for anonymously donating money to political parties in India. The scheme was introduced in 2018, but its anonymity has raised concerns about the source of political funding.
Background:
Electoral bonds are a method for anonymously donating money to political parties in India. The scheme was introduced in 2018, but its anonymity has raised concerns about the source of political funding.
Supreme Court Ruling:
In March 2024, the Supreme Court ruled that the Electoral Bond scheme was unconstitutional. The Court argued that anonymity in political funding could lead to corruption and undue influence. Additionally, the Court directed SBI, the sole authorized seller of electoral bonds, to disclose details of all past transactions to the Election Commission of India (ECI).
SBI Fulfills Disclosure Requirement:
SBI has reportedly complied with the Supreme Court’s order and submitted details of all electoral bond purchases and redemptions by the deadline. This information includes the number of bonds sold, their denomination, and the dates of transactions. However, the specific identities of the donors will not be revealed due to the anonymity feature of the scheme.
Next Steps:
The Election Commission of India (ECI) will now analyze the data provided by SBI. They are expected to compile the information and publish a report on their official website. This report will provide a clearer picture of the total amount of money donated through electoral bonds and the time period over which these donations occurred.
Transparency and Accountability:
The Supreme Court’s ruling and SBI’s compliance are seen as a step towards greater transparency and accountability in political funding. By having access to details about the number and value of electoral bonds sold, authorities can gain a better understanding of overall political financing trends.
Unresolved Issues:
While the disclosure of transaction details is a positive development, some argue that complete transparency can only be achieved if the identities of donors are revealed. Critics of the scheme believe that anonymous donations can be misused to influence political parties without public scrutiny.
The Future of Electoral Bonds:
The Supreme Court’s judgement has effectively struck down the Electoral Bond scheme. However, the future of political funding in India remains uncertain. The government may choose to introduce a revised version of the scheme with stricter regulations or opt for a completely different system for political donations.
Please note, this story is evolving. Further details about the ECI’s analysis and the government’s plans for political funding are expected to emerge in the coming days and weeks.
