Electoral Bond Data Furnished On Pen Drive Containing Two Password-Protected PDFs: SBI Files Compliance Affidavit Before Supreme Court
The State Bank of India has today filed a Compliance Affidavit before the Supreme Court stating that it has disclosed information regarding the acquisition and redemption of electoral bonds up to February 15, 2024.
The Affidavit has been filed in compliance with the order dated March 11, 2024, a day after it sent all details of electoral bonds to the ECI as directed by the Apex Court.
As per the data provided by SBI, a total of 3,346 electoral bonds were acquired between April 1, 2019, and April 11 of the same year. Out of these, 1,609 bonds were redeemed during this period. Between April 12, 2019, and February 15, a total of 18,871 electoral bonds were acquired, with 20,421 bonds subsequently redeemed, as per the SBI data.
The electoral bond data was furnished on a pen drive containing two password-protected PDF files, with the passwords provided in a separate envelope.
"The State Bank of India has ready records in which the date of purchase, denomination, and name of the buyer were recorded, and [in relation to the political parties], the date of encashment and the denominations of the bonds encashed were recorded. In respectful compliance with the aforesaid directions, before the close of business hours on 12.03.2024 a record of this information was made available to the Election Commission of India (ECI)," the Affidavit reads.
The SBI has filed the electoral bond data after the Apex Court rejected its plea seeking an extension of time to disclose the details.
While dismissing the application for extension of time by the SBI, the Bench headed by Chief Justice of DY Chandrachud also comprising Justice Sanjiv Khanna, Justice BR Gavai, Justice JB Pardiwala, and Justice Manoj Misra had held that the details of purchased Bonds are "readily available". The Court had also held that information about Electoral Bonds is stored only in 29 branches which can easily be accessed.
Accordingly, the Court had directed SBI to disclose the information by the end of business hours on March 12. It had also directed ECI to publish the information by March 15 by 5 pm. The Court had said that it will consider contempt petitions if the latest directions are not complied with.
The 5-Judge Constitutional Bench, while pronouncing the judgment in February 15, 2023, in the batch of four pleas, including those filed by Congress leader Jaya Thakur and the CPI(M) had directed: "SBI shall submit the above information to the ECI within 3 weeks from the date of this judgment, i.e. March 6, 2024."
In the Judgment, there are two opinions of the Court, one by CJI himself and Justice Gavai, Justice Pardiwala and Justice Misra and another authored by Justice Khanna. However, both arrive at the same conclusion with slight variance in reasoning.The Court had also passed other directions. The Bench further held that the unlimited contribution by companies is unconstitutional and is manifestly arbitrary as "companies have a much greater influence on political parties than individuals. As individuals have a degree of support or affiliation to a political association. However, purely business transactions made with the intent to secure benefits in return".
The scheme, which was notified by the government on January 2, 2018, was pitched as an alternative to cash donations made to political parties as part of efforts to bring in transparency in political funding. According to the provisions of the scheme, electoral bonds may be purchased by any citizen of India or entity incorporated or established in India. An individual can buy electoral bonds, either singly or jointly with other individuals.
Cause Title: Association For Democratic Reforms and Anr. v. Union Of India And Ors. & Connected Matters (MA 482 of 2024 in WP(c) 880 of 2017)
Click here to read/download Affidavit
