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Electoral Bond: Disclose details by 12 March says SC to SBI

By IndianMandarins- 11 Mar 2024


New Delhi (11.03.2024): A five-judge Constitution bench of the Supreme Court of India on Monday dismissed a plea by the State Bank of India (SBI) to extend the deadline set by the top court for furnishing details of electoral bonds encashed by political parties since April 12, 2019. The apex court had set the deadline as March 6, 2024 and the SBI moved the Court seeking extension till June 30 to comply with the Court's directions. A SC ordered that details be disclosed by March 12, 2024. The bench also cautioned SBI of contempt of court in case it fails to comply with the Court's direction.
"Submissions of SBI in application indicates that info sought is readily available. Thus the application by SBI seeking extension of time until June 30 is dismissed. SBI is directed to disclose the details by the close of business hours of March 12, 2024," the Court ordered.
The bench passed the order after noting that the Electoral Bonds scheme - which was struck down by the top court last month - itself stipulated that the information furnished by the buyer of such bonds shall be treated as confidential by the authorised bank and shall be disclosed when called upon to do so or registration of an offence by a law enforcement agency.
Further it noted that the Frequently Asked Questions published by SBI with respect to redemption of electoral bonds states that each political party can only open one current account for electoral bonds redemption.

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