SBI Requests Extension for Electoral Bonds Info Submission Deadline Amid Supreme Court Ruling
New Delhi: The State Bank of India (SBI) has appealed to the Supreme Court for an extension of the deadline until June 30 to provide information regarding electoral bonds to the Election Commission.
Last month, the Supreme Court delivered a historic judgment, striking down the electoral bonds scheme and directing SBI to furnish the information to the Election Commission (EC) by March 6.
The Supreme Court’s decision marked the end of the controversial electoral bonds scheme, citing violations of citizens’ right to information. Chief Justice of India DY Chandrachud deemed the electoral bonds scheme unconstitutional and arbitrary, raising concerns about potential quid pro quo arrangements between political parties and donors.
SBI was mandated by the Supreme Court to cease issuing electoral bonds and disclose details of donations facilitated through this mechanism to the EC. Furthermore, the poll body was instructed to publish this information on its website by March 13.
The five-judge Constitution bench concluded that the electoral bonds scheme failed to fulfill its intended purpose of combating black money while safeguarding donor confidentiality. It underscored that electoral bonds are not the sole solution to addressing the issue of illicit funds in politics.
Introduced in 2018, the electoral bonds scheme aimed to curb the influx of black money into the political system. Then Finance Minister Arun Jaitley justified the scheme by highlighting the prevalent use of cash donations in political funding, which often came from anonymous or pseudonymous sources. Jaitley argued that the lack of transparency in the existing system necessitated a change, with electoral bonds offering a more accountable alternative.
However, challenges to the scheme arose soon after its implementation. Various parties, including the Communist Party of India (Marxist), Congress leader Jaya Thakur, and the non-profit Association for Democratic Reforms, contested its legality. They contended that the confidentiality clause impeded citizens’ right to information, raising concerns about transparency and accountability in political financing.
Frequently Asked Questions (FAQ): SBI Requests Extension for Electoral Bonds Info Submission Deadline Amid Supreme Court Ruling
Q: What was the electoral bonds scheme?
A: The electoral bonds scheme, introduced in 2018, aimed to reform political funding by providing a transparent mechanism for donations to political parties.
Q: Why did the Supreme Court strikes down the electoral bonds scheme?
A: The Supreme Court deemed the electoral bonds scheme unconstitutional and arbitrary, citing concerns about violations of citizens’ right to information and the potential for quid pro quo arrangements between political parties and donors.
Q: What action did the Supreme Court instruct SBI to take regarding the electoral bonds scheme?
A: The Supreme Court directed SBI to cease issuing electoral bonds and disclose details of donations facilitated through this mechanism to the Election Commission by March 6. Subsequently, the EC was tasked with publishing this information on its website by March 13.
Q: Why did SBI request an extension of the deadline to provide information on electoral bonds?
A: SBI requested an extension until June 30 to furnish information on electoral bonds to the Election Commission, citing the need for additional time to comply with the Supreme Court’s directives.
Q: What were the criticisms against the electoral bonds scheme?
A: Critics argued that the electoral bonds scheme lacked transparency and accountability, particularly due to its confidentiality clause, which concealed the identities of donors.
Q: What alternatives did the Supreme Court suggest for curbing black money in politics?
A: The Supreme Court emphasized that electoral bonds are not the only means of addressing the issue of black money in politics, suggesting that alternative measures should be explored to ensure transparency and accountability in political financing.