Supreme Court Denies SBI Request for Electoral Bond Deadline Extension, Demands Details by Tomorrow

The Supreme Court has dismissed the State Bank of India’s (SBI) plea for an extension until June 30 to disclose details of electoral bonds encashed by political parties. Instead, the court has instructed SBI to provide the information by the close of business hours on March 12. Additionally, it has directed the Election Commission (EC) to publish these details on its website by March 15.

Chief Justice of India DY Chandrachud emphasized that the information sought by the court is readily available based on the submissions made by SBI in its application. Therefore, the request for an extension was dismissed.

Senior advocate Harish Salve, representing SBI, had argued that collating the information required reversing the entire process and expressed concerns about the confidentiality of the data. However, Justice Sanjiv Khanna countered this, stating that SBI simply needs to open the sealed cover, compile the details, and provide the information.

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The Supreme Court’s decision follows its earlier ruling on February 15, where a five-judge Constitution Bench declared the electoral bonds scheme unconstitutional. The court had instructed SBI to furnish details of donors, donation amounts, and recipients to the EC by March 6, with the EC directed to publish the information by March 13.

During the proceedings, the CJI pointed out that as per Clause 7(4) of the electoral bonds scheme, SBI is mandated to disclose information upon demand or in case of law enforcement agency investigations.

This latest development underscores the ongoing scrutiny surrounding electoral funding transparency in India.