Electoral bonds case: SBI files compliance affidavit before SC
The State Bank of India (SBI) on Wednesday filed a compliance affidavit in the Supreme Court stating that 22,217 electoral bonds were purchased between 2019 and 2024, out of which 22,030 have been redeemed. This came a day after it sent all details of electoral bonds to the Election Commission of India (ECI) as directed by the apex court.
Submitted data to ECI in a pen drive: SBI
In the compliance affidavit, the bank said that it had submitted the data to the poll body in a pen drive. The data is on two PDF files that are password-protected, the SBI said. To recall, the SBI had submitted details of electoral bonds to the ECI, a day after the SC rejected its plea seeking extension till June 30.
SC rejects SBI's plea for extension
On Monday, the SC rejected SBI's plea for an extension. "In the last 26 days, what steps have you taken? Your application is silent on that," a five-judge top court bench headed by Chief Justice of India DY Chandrachud asked the SBI. "The SBI has to just open the sealed cover, collate details and give information to the Election Commission," the bench had added.
SC's judgment on Electoral Bonds Scheme
On February 15, the top court struck down the Electoral Bonds Scheme (EBS) for political funding, saying that it violates the citizens' right to information. The scheme is unconstitutional and may lead to a "quid pro quo arrangement" between political parties and donors, CJI Chandrachud said in the judgment.
EBS notified in 2018
The EBS was notified by the Centre on January 2, 2018. It was pitched as an alternative to cash donations made to political parties as part of efforts to bring in transparency in political funding. The first sale of electoral bonds took place in March 2018. Electoral bonds were encashed by an eligible party only through an account with the authorised bank.