Electoral bonds: Day after SC criticism, SBI submits data to Election Commission

The State Bank of India on Tuesday submitted data on electoral bonds to the Election Commission in compliance with a Supreme Court order passed on February 15, according to NDTV.

The development came a day after the court told the government-owned bank to disclose the details to the poll body by Tuesday. A five-judge bench told the bank that it would be in contempt of the court if it did not comply with the order.

The top court also ordered the Election Commission to compile the information and publish it on its website by March 15.

The Supreme Court had on February 15 directed the State Bank of India to issue details of the political parties that received electoral bonds from April 12, 2019, and submit them to the Election Commission by March 6. The court had said that the electoral bonds could lead to quid pro quo arrangements between donors and political parties when it struck down the scheme as unconstitutional.

A day after the State Bank of India’s March 6 deadline lapsed, the non-governmental organisation Association for Democratic Reforms filed a contempt petition before the court.

The contempt petition accused the State Bank of India of “deliberate disobedience and defiance” of the court’s February 15 order. The petition challenged the bank’s request for an extension of the deadline, calling it “mala fide”.

The court’s February 15 judgement also came in response to petitions by the Association for Democratic Reforms and the civil society group Common Cause.

Electoral bonds were monetary instruments that citizens or corporate groups could buy from the State Bank of India and give to a political party, which could then redeem them.

The entire process was anonymous since buyers were not required to declare their purchase of these interest-free bonds and political parties did not need to show the source of the money. However, the Centre could access information about these donors as it controls the State Bank of India.

The electoral bonds scheme was introduced by the Bharatiya Janata Party-led Union government in 2018.