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The election commission confirmed on Tuesday that, following the ruling by the Supreme Court, the State Bank of India (SBI) has submitted electoral bond data. The commission is required to make the data public by 5 p.m. on March 15 as per the Apex Court’s directions.
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“In compliance of the Hon’ble Supreme Court’s directions to the SBI, contained in its order dated Feb 15 and March 11, 2024( in the matter of WPC No. 880 of 2017), data on electoral bonds has been supplied by the State Bank of India to the Election Commission of India today, March 12, 2024,” an Election Commission of India spokesperson said.
SBI’s plea
On Monday, the Supreme Court dismissed an application by the State Bank of India (SBI) seeking time until June 30 to provide details of electoral bonds purchased anonymously and their encashment by political parties. The Court simultaneously asked the lender to submit details of the electoral bond scheme by the close of business hours on March 12.
The Court, in its February 15 judgment, wherein it struck down electoral bonds as unconstitutional, issued instructions to the SBI to submit all details pertaining to electoral bonds by March 6. However, just before the March 6 deadline, SBI filed an application seeking more time on grounds of operational difficulty. The SBI wanted time until June 30, well after the general elections, to furnish these details.
Following the SBI’s plea, contempt petitions were filed by two non-government organisations — the Association for Democratic Reforms (ADR) and Common Cause — against the SBI for “wilful disobedience” of the Court’s orders. The Court put the SBI on notice and directed its CMD to file an affidavit after complying with its orders. It also warned of proceedings against the bank for wilful disobedience if directions were not followed according to the March 11 order.
In its order, the court observed that the crux of the submission of the SBI is that the matching of information to ascertain who contributed to which political party is a time-consuming process since the information is maintained in two separate silos. The SBI submitted in its application that the donor details and redemption details are available, albeit in separate silos. In other words, the directions that have been issued by this Court require the SBI to disclose the information that is readily available with it, the Court said.
It also pointed out that at this stage, it would be material to refer to the FAQs on Electoral Bonds published by the SBI, which states that the ‘Know Your Customer’ documents must be submitted by the purchaser each time the Electoral Bond is purchased, irrespective of whether the purchaser has a KYC-verified SBI account. That is, one set of documents (the electoral bond application form, KYC documents, and pay-in slip) can only be used to purchase one electoral bond.
Also read: SC puts SBI on notice, sets 24-hour deadline to give poll bond info
Contributors who have an SBI account, as well as those who do not have to submit the electoral bond application, KYC documentation, and proof of payment through NEFT, cheque or demand draft. Thus, the details of the electoral bonds that have been purchased and that have been directed to be disclosed by this Court are readily available, the Court said while dismissing the plea by SBI.
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