Electoral Bonds Case: SBI Tells Supreme Court It Has Complied With Its Direction To Provide Electoral Bonds Data to Election Commission of India

New Delhi, March 13: The Chairman of State Bank of India (SBI) has filed an affidavit in the Supreme Court apprising that in compliance with the top court's order, date of purchase of each Electoral Bond, the name of the purchaser and the denomination of theElectoral Bond purchased has been furnished to the Election Commission of India.

Dinesh Kumar Khara, Chairman of SBI, in the affidavit told the top court that the bank has also furnished the detail to Election Commission regarding the date of encashment of theElectoral Bonds, the name of political parties who have received the contributions and the denomination of the said bonds. SBI said that the data has been furnished in respect of bonds purchased and redeemed between April 12, 2019 to February 15, 2024. SBI Submits Report To Supreme Court, Says 'Total of 22,217 Electoral Bonds Purchased from April 1, 2019 to February 15, 2024'

A total number of 22,217 bonds were purchased during the period April 1, 2019 till February 15, 2024, SBI told 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," affidavit stated. SBI further told the apex court that from April 12, 2019 to February 15, 2024 total number of Electoral Bonds purchased 18,871 and total number of bonds redeemed were 20,421.

The affidavit was filed in compliance of the top court's direction to the bank to furnish the data of Electoral Bonds to poll panel by March 12. The Constitution bench of the top court also warned the SBI of contempt of court against it for wilfully disobeying its order in the event of non-compliance with the latest directions. On Monday the top court dismissed an application of SBI seeking extension of time till June 30 to submit details of Electoral Bonds to Election Commission of India and asked the bank to disclose the details by March 12.

The apex court had also directed that Election Commission of India to compile the information to be furnished by the SBI and publish the details on its official website no later than by March 15, 2024, 5 pm. In its February 15 judgement, the apex court had set the deadline for SBI as March 6. The apex court had said that by March 13, the ECI shall publish the details of Electoral Bonds on its official website. The Supreme Court by its February verdict had struck down the Electoral Bonds Scheme which allowed for anonymous funding to political parties, and ordered the SBI to stop issuing Electoral Bonds immediately. Electoral Bonds Case: SBI Files Compliance Affidavit Before Supreme Court

A five-judge Constitution bench of Chief Justice of India DY Chandrachud and Justices Sanjiv Khanna, BR Gavai, JB Pardiwala and Manoj Misra had unanimously quashed the Electoral Bonds scheme as well as amendments made to the Income Tax Act and the Representation of People Act which had made the donations anonymous. It had asked SBI to furnish details and the details about each Electoral Bonds encashed by the political parties, which shall include the date of encashment and the denomination of electoral bond.

An Electoral Bond is an instrument in the nature of a promissory note or bearer bond which can be purchased by any individual, company, firm or association of persons provided the person or body is a citizen of India or incorporated or established in India. The bonds are issued specifically for the purpose of contribution of funds to political parties. Various petitions were filed before the top court challenging amendments made to different statutes through Finance Act 2017 and Finance Act 2016 on the ground that they have opened doors to unlimited, unchecked funding of political parties.

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