Electoral Bonds: SBI Seeks Extension till June 30 to Disclose Donor Information

On March 5, 2024, SBI submitted its application, seeking an extension until June 30th. The bank stated that it would take time to compile and reconcile the information related to Electoral Bonds and create a list of donors. The previous deadline was March 6, 2024, but SBI, citing operational challenges, requested an extension.

It's worth noting that the Supreme Court has scrapped the Electoral Bond policy, directing political parties to submit lists of anonymous donations to the Election Commission of India.

Advocate Sanjay Kapoor, representing SBI, mentioned that the bank faced several operational challenges, prompting the request for an extension.

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The Supreme Court has ordered SBI to provide all information related to Electoral Bonds to the Election Commission of India by March 6th. SBI is required to disclose all purchase-related information from April 12, 2019, until the present to the Election Commission.

Furthermore, the Supreme Court has prohibited the issuance of any further Electoral Bonds. Additionally, the Election Commission has been directed to publish the information received from SBI on its website within a week.

A bench of five judges heard cases related to Electoral Bonds last month. The bench comprised Chief Justice D.Y. Chandrachud, Justice Sanjiv Khanna, Justice B.R. Gavai, Justice J.B. Pardiwala, and Justice Manoj Mishra. The bench has dismissed the Electoral Bond policy, stating that the people of the country have the right to know which political parties are receiving donations. During the proceedings, concerns were also raised about the advantage being enjoyed by only the ruling party through Electoral Bonds.