Electoral Bond Scheme Transparency Delayed: SBI Seeks Extension, Removes Documents.

Electoral Bond Scheme Disclosure Stalled

The State Bank of India (SBI) has removed crucial documents related to electoral bond purchases from its website. This action coincides with the bank’s request for a deadline extension to disclose details of each electoral bond cashed by political parties.

Missing Information Creates Confusion

Key documents like “operating guidelines for donors” and “frequently asked questions” are now inaccessible on the SBI website. These resources provided vital information for potential donors, such as eligibility criteria, available denominations of bonds, and required documentation.

Supreme Court Ruling on Electoral Bonds

On February 15, 2024, the Supreme Court of India declared the Electoral Bond Scheme unconstitutional. The court’s landmark judgment cited violations of two fundamental rights:

Freedom of Speech and Expression (Article 19(1)(a))
Right to Information (Article 19(1)(a))

The scheme’s anonymity for political donations was deemed incompatible with these constitutional guarantees.

Court-Mandated Transparency and SBI’s Extension Request

The Supreme Court directed SBI to furnish details of all electoral bonds purchased since April 12, 2019, to the Election Commission of India by March 6, 2024. Subsequently, the Election Commission was directed to publish this information on its website by March 13.

However, SBI filed a petition on Monday seeking an extension until June 30, 2024. The bank claims the data retrieval process is complex and time-consuming, requiring them to gather information from various sources and match it meticulously.

This situation raises several questions:

Will the public gain access to information on electoral bond purchases before June 30th?
How will the Election Commission ensure transparency in political funding moving forward?
What alternative systems can be implemented to promote transparency and accountability in political donations?

Stay tuned for further updates on this developing story.