SBI seeks extension of March 6 deadline to disclose details of electoral bonds

SBI seeks extension of March 6 deadline disclose details of electoral bonds.

Published on: Mar 4, 2024, 20:19:39 IST

By HT News Desk

Prefer HTon Google

Share via

Copy link

The State Bank of India (SBI) on Monday moved the Supreme Court seeking an extension of the March 6 deadline to furnish information on electoral bonds to the Election Commission. In an application filed before the top court, the state-run SBI, the sole issuer of the anonymous donation instruments, contended that the three weeks time fixed by the court would not be sufficient for the entire exercise to be completed. (Also Read: What are electoral bonds? Did they give BJP an unfair advantage?)

The bank submitted that due to stringent measures undertaken to ensure that the identity of the donors was kept anonymous, "decoding' the electoral bonds and matching donors to the donations made would be a complex process.

“It submitted that the data related to the issuance of the bond and the data related to the redemption of the bond was kept recorded in two different silos. No central database was maintained. This was done to ensure that donors' anonymity would be protected,” the plea said.

"It is submitted that donor details were kept in a sealed cover at the designated branches and all such sealed covers were deposited in the Main Branch of the Applicant bank, which is located in Mumbai," it added.

The bank urged the apex court to extend the deadline to June 30.

Also Read: SC's electoral bonds scheme verdict: How BJP stands to lose the most?

The Supreme Court dealt a major blow to the BJP-led central government last month by declaring the electoral bonds scheme unconstitutional. A five-judge Constitution bench headed by Chief Justice D Y Chandrachud directed the SBI to disclose details of each electoral bond encashed by political parties, including the date of encashment and the denomination of the bonds, to the Election Commission.

Critics of the anonymous funding scheme, of which the ruling BJP was the biggest beneficiary, saw the verdict as significant and timely ahead of the 2024 Lok Sabha elections.

To be sure, there are no curbs on the absolute amount of political funding and can still be carried out through other means.

ABOUT THE AUTHOR
HT News Desk
Follow the latest breaking news, major developments and agenda-setting stories from India and around the world with the newsdesk at Hindustan Times. Operating round the clock, the desk brings together experienced editors, reporters and correspondents to deliver fast, accurate and contextual reporting across subjects that influence public policy, governance, business, society and international affairs. The HT News Desk covers politics, elections, government policies, the economy, business and markets, science and technology, the environment, law and order, infrastructure, education, climate issues and geopolitics, while closely tracking developments across states, institutions and global capitals. The team also leads coverage of major breaking news events, policy announcements, court proceedings, natural disasters, public emergencies and significant international developments. Reports published by the newsdesk are based on information gathered from reporters on the ground, official statements, government agencies, court records, regulatory filings, recognised institutions and other authoritative sources. Stories undergo editorial scrutiny and verification processes to ensure accuracy, fairness and relevance, and are updated as events evolve and additional information becomes available. Whether covering a key political decision in New Delhi, an economic policy shift affecting millions, a landmark court ruling or a major global event, the HT News Desk aims to provide readers with reliable, fact-based journalism that delivers not only the latest developments but also the context and analysis needed to understand their wider implications.Read More

Get the latest India News, breaking headlines and real-time updates from across the country. Stay informed about politics, government policies, crime, weather and major national developments.