The State Bank of India (SBI) informed the Supreme Court on Tuesday that it has submitted the details of electoral bonds to the Election Commission. The bank conveyed to the court that the Election Commission may make this information public by March 15. The Supreme Court had previously instructed the bank to submit the details of the electoral bonds to the Election Commission by March 12.
It’s noteworthy that on Monday, the Supreme Court dismissed SBI’s plea to extend the deadline for providing details until June 30. The apex court had directed SBI to submit the electoral bond details to the Election Commission by the end of the working day on March 12.
Chronology of Events:
The issue of electoral bonds began in 2017 when the Electoral Bond Scheme was introduced in the Finance Bill. On September 14, 2017, the Association for Democratic Reforms (ADR) filed a petition challenging the scheme in the Supreme Court. Following this, on October 3, 2017, the Supreme Court issued notices to the central government and the Election Commission based on a PIL. However, on January 2, 2018, the central government notified the Electoral Bond Scheme.
In a move related to the sale of bonds, on November 7, 2022, the government amended the Electoral Bond Scheme to increase the selling days in a year from 70 to 85, anticipating assembly elections. On October 16, 2023, the Constitution Bench headed by Chief Justice D.Y. Chandrachud referred the challenges to the scheme to a five-judge Constitution Bench. On October 31, 2023, the Constitution Bench of five judges commenced the hearing on the challenges to the scheme.
The scheme faced cancellation on February 15, 2024, as the Supreme Court unanimously pronounced its decision, stating that it infringes on the constitutional rights of freedom of speech and expression, along with the right to information.
SBI had sought an extension until June 30 to provide details, a request rejected by the Supreme Court on March 11. The bank had filed a petition on March 4, requesting an extension, but on March 7, the court dismissed the petition, calling it contemptuous. On March 11, the five-judge Constitution Bench rejected SBI’s plea for an extension and directed it to submit the details of electoral bonds to the Election Commission by March 12.
