The Supreme Court(SC) of India has directed the State Bank of India (SBI) to disclose more information about Electoral Bonds, a system designed to keep donor identities anonymous. This move aims to increase transparency in political funding.
Introduced in 2017, Electoral Bonds are essentially bearer bonds, similar to bank notes, that can be purchased by individuals or companies and donated to political parties. These bonds are meant to address concerns about black money influencing elections. However, critics argue that anonymity allows for undisclosed sources to fund political campaigns.
The Missing Piece: Unique Alphanumeric Codes
The Supreme Court, in its recent order, highlighted a crucial piece of information missing from the details currently disclosed by SBI: unique alphanumeric codes printed on each Electoral Bond. These codes, reportedly visible only under specific lighting, can act like a link between the donor and the party that redeems the bond.
Why are these Codes Important?
Disclosing these codes would enable authorities to match the bond purchaser with the political party that cashed it. This transparency would shed light on which parties receive funding from anonymous sources and potentially reveal patterns of influence.
SBI’s Stance and the Court’s Response
The State Bank of India had initially resisted disclosing the alphanumeric codes, arguing that it would violate confidentiality clauses in the Electoral Bond scheme. However, the Supreme Court emphasized its commitment to transparency in political funding. The Court clarified that “all details” available with SBI, including these unique codes, must be disclosed.
What Happens Next?
The Supreme Court has directed SBI to file a compliance affidavit by March 21st, 2024, confirming that all information, including the alphanumeric codes, will be made public. This move is expected to be challenged by some political parties who may prefer to keep their funding sources anonymous.
The Road to Transparency
The Supreme Court’s order is a significant step towards greater transparency in political funding in India. Disclosing the alphanumeric codes on Electoral Bonds could potentially reveal previously hidden patterns of donor influence. This information can be crucial for ensuring a more accountable and fair electoral system.
Additional Notes:
- Electoral Bonds are a controversial scheme due to concerns about anonymous funding.
- The Supreme Court is seeking greater transparency in political donations.
- Disclosing unique alphanumeric codes could reveal donor identities.
- This move is expected to be challenged by some political parties.
The Takeaway:
The Supreme Court’s order on Electoral Bonds is a reminder of the importance of transparency in political funding. While some may resist this move, it has the potential to create a more level playing field and reduce the influence of undisclosed money in Indian elections.
