Electoral bonds data submitted by SBI to Election Commission

The Supreme Court delivered a groundbreaking verdict by striking down the seven-year-old electoral funding system. In a landmark judgment, the apex court invalidated the central government’s electoral bonds scheme, which permitted anonymous political contributions, deeming it unconstitutional.

The Supreme Court invalidated the electoral bond scheme on February 15 due to its infringement on voters’ right to information concerning political parties’ funding sources. Additionally, the apex court nullified amendments to crucial electoral finance laws enacted subsequent to the scheme’s introduction. Chief Justice of India DY Chandrachud, leading the Supreme Court bench, emphasized that the anonymity inherent in electoral bonds contravened the right to information safeguarded under Article 19(1)(a) of the Constitution. Furthermore, the bench instructed the State Bank of India to disclose details of political parties’ contributions received through electoral bonds by March 6, 2024.

On March 13, the State Bank of India (SBI) submitted an affidavit to the Supreme Court confirming compliance with the court’s directive by providing data on electoral bonds to the Election Commission. According to the affidavit, SBI disclosed that a total of 22,217 electoral bonds were bought and 22,030 were redeemed by political parties from April 1, 2019, to February 15 of this year.

A day subsequent to the State Bank of India (SBI) delivering all electoral bond details to the Election Commission of India (ECI), the bank lodged a compliance affidavit in the Supreme Court on Thursday, March 14. In this affidavit, the bank disclosed that electoral bonds not cashed by political parties within the fifteen-day validity period were transferred to the Prime Minister’s National Relief Fund (PMNRF) in accordance with a gazette notification.

“The electoral bonds that remained uncashed by political parties within the stipulated validity period of fifteen days during this timeframe have been allocated to the Prime Minister’s National Relief Fund as per Gazette Notification no 20 dated 02.01.2018,” stated the SBI in the affidavit submitted to the court. The affidavit further detailed that a total of 22,217 electoral bonds were purchased between April 1, 2019, and February 15, 2024, of which 22,030 were redeemed.