SBI Submits Compliance Affidavit and Electoral Bonds Data Following Supreme Court Directive

The State Bank of India (SBI) submitted a compliance affidavit in the electoral bonds case on Wednesday, following its submission of all electoral bond details to the Election Commission as directed by the Supreme Court. The affidavit disclosed specifics regarding the purchase and redemption of electoral bonds until February 15, 2024.

According to SBI’s data, a total of 3,346 electoral bonds were bought between April 1, 2019, and April 11 of the same year, with 1,609 bonds redeemed during this period. From April 12, 2019, to February 15, 2024, a total of 18,871 electoral bonds were purchased, while 20,421 bonds were redeemed, as per SBI’s records.

The electoral bond data was transmitted via a pen drive containing two password-protected PDF files, with the passwords provided separately.

SBI delivered the electoral bond details to the Election Commission promptly after the Supreme Court dismissed its request for an extension until June 30.

During the court proceedings, a five-judge bench led by Chief Justice DY Chandrachud inquired about the actions taken by SBI in the preceding 26 days. The bench emphasized that SBI’s task was simply to open the sealed cover, compile the details, and furnish the information to the Election Commission.

This directive to SBI followed a landmark verdict by the Supreme Court a month earlier, which declared electoral bonds unconstitutional and in violation of the right to information under Article 19(1)(a).

The electoral bonds scheme, initiated by the Centre on January 2, 2018, aimed to provide an alternative to cash donations to political parties, thereby enhancing transparency in political funding. The inaugural sale of electoral bonds occurred in March 2018.

Encashment of electoral bonds by eligible political parties was restricted to bank accounts with authorized banks.

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