Last month, in a landmark verdict, the Supreme Court had struck down the Electoral bonds scheme, and said it violated citizens' right to information.
The State Bank of India (SBI) on Tuesday handed over all information related to electoral bonds to the Election Commission of India (ECI) as ordered by the Supreme Court. This action came following the rejection of SBI's plea for an extension until June 30 by the Supreme Court.
The Supreme Court's decision came after a five-judge Constitution Bench, led by Chief Justice of India DY Chandrachud, directed SBI to provide the details of electoral bonds before the end of business hours on March 12. Additionally, the EC has been instructed to make this information public by March 15.
Last month, in a landmark verdict, the Supreme Court had struck down the Electoral bonds scheme, and said it violated citizens' right to information.
What are Electoral bonds?
Electoral bonds are financial instruments used for making contributions to political parties. These bonds, available in various denominations, are issued by the SBI and provide anonymity to both the donor and the recipient political parties.
Under the scheme, individuals and companies in India can purchase these bonds, and donations made through them are eligible for tax exemption. There is no limit on the number of bonds that can be purchased.
However, only political parties registered under Section 29A of the Representation of the People Act, 1951, and securing at least 1 per cent of the votes polled in the last elections are eligible to receive funds through electoral bonds.
The electoral bonds scheme was introduced in 2017 by former finance minister Arun Jaitley and was notified in January 2018. It aimed to provide a transparent source of political funding by introducing amendments to various laws, including the Finance Act and the Representation of the People Act.
Despite the scheme's intent to promote transparency, concerns were raised regarding the anonymity of donors and the potential for misuse.
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