In a landmark ruling, the Supreme Court orders the State Bank of India to disclose details of electoral bonds encashed by political parties, citing transparency concerns.
In a landmark decision on Thursday, the Supreme Court of India has ordered the State Bank of India (SBI) to reveal details regarding electoral bonds encashed by political parties. This includes information on the date and denomination of these bonds. The court emphasized that the SBI must provide a comprehensive list of political parties that have received contributions through electoral bonds from April 12, 2019, to the present date to the Election Commission.
Furthermore, the Supreme Court has directed the Election Commission to publish all these details on its official website by March 31, 2024.
This significant development comes as the Supreme Court, in a unanimous decision, declared the Electoral Bond Scheme invalid, dealing a substantial blow to the central government just months ahead of elections. Chief Justice of India DY Chandrachud, while pronouncing the verdict, stated that the scheme violates the freedom of speech and expression as enshrined in Article 19(1)(a) of the Constitution.
The court's decision entails the immediate cessation of the issuance of electoral bonds by the State Bank of India. The Electoral Bond Scheme, introduced by the government on January 2, 2018, aimed to serve as an alternative to cash donations to political parties, with the goal of enhancing transparency in political funding.
Under the provisions of the scheme, any Indian citizen or entity incorporated or established in the country could purchase electoral bonds. Notably, individuals could buy these bonds singly or jointly without disclosing their identities.
Critics of the scheme have argued that it undermines transparency in electoral funding and provides an advantage to ruling parties. This verdict by the Supreme Court marks a significant development in India's political landscape and its ongoing efforts to reform campaign financing.
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