The news article discusses the recent developments regarding electoral bonds in India, particularly involving the State Bank of India (SBI) and its submission of data to the Election Commission as directed by the Supreme Court.
1. Submission of Electoral Bonds Data: The State Bank of India submitted details of electoral bonds to the Election Commission, following a directive from the Supreme Court. This data includes information on the purchase and redemption of electoral bonds up to February 15, 2024.
2. Compliance Affidavit: SBI filed a compliance affidavit in the electoral bonds case, one day after providing the electoral bonds data to the Election Commission. This affidavit likely outlines the steps taken by SBI to comply with the Supreme Court’s orders.
3. Data on Electoral Bonds: The provided data indicates that between April 1, 2019, and April 11, 2019, a total of 3,346 electoral bonds were purchased, with 1,609 bonds being redeemed. From April 12, 2019, to February 15, 2024, a total of 18,871 electoral bonds were purchased, and 20,421 bonds were redeemed.
4. Mode of Submission: The electoral bonds data was handed over to the Election Commission in a pen drive containing two password-protected PDF files. The passwords for accessing these files were provided in a separate envelope.
5. Supreme Court’s Direction: The Supreme Court rejected SBI’s plea seeking an extension until June 30 to submit the data. The court questioned the steps taken by SBI in the past 26 days and emphasized that SBI only needed to collate and provide the information to the Election Commission.
6. Court Verdict on Electoral Bonds: The Supreme Court previously declared electoral bonds as ‘unconstitutional’ and ‘violative of the right to information under Article 19(1)(a)’. This landmark verdict overturned the legality of electoral bonds, which were introduced by the Centre in January 2018 as an alternative to cash donations to political parties, aimed at increasing transparency in political funding.
7. Encashment of Electoral Bonds: Electoral bonds could only be encashed by eligible political parties through a bank account with the authorized bank.
These details collectively provide insights into the legal proceedings and transparency concerns surrounding electoral bonds in India.