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Homechevron_rightIndiachevron_right22,217 electoral bonds...

22,217 electoral bonds purchased and 22,030 redeemed, says SBI


New Delhi: The State Bank of India (SBI) informed the Supreme Court that political parties purchased a total of 22,217 electoral bonds between April 1, 2019, and February 15, 2024, with 22,030 bonds redeemed during this period.

In compliance with the court's directives, SBI provided details to the Election Commission of India (ECI), including the date of purchase, names of purchasers, and bond denominations.

The affidavit by SBI's chairman, Dinesh Kumar Khara, clarified that the electoral bonds' purchase and redemption details have been segregated for the ECI.

During the specified period, 3,346 electoral bonds were purchased, and 1,609 were redeemed between April 1, 2019, and April 11, 2019. From April 12, 2019, to February 15, 2024, 18,871 electoral bonds were purchased and 20,421 were redeemed. The affidavit highlighted that the electoral bonds were sold and redeemed in phases, starting from April 1, 2019, with phase IX commencing on that date.

The SBI reiterated its adherence to legal protocols in dissolving the electoral bonds and stated that the decision was taken based on unanimous agreement by 12 out of 15 members.

The bank submitted a record of information to the ECI, meeting the apex court's directives. The court had ordered the disclosure of electoral bond details by SBI and directed the ECI to publish the information on its official website by 5 pm on March 15.

The electoral bonds' scheme faced constitutional challenges, leading to the Supreme Court's decision to scrap the scheme on February 15.

The court ordered the disclosure of donors, donation amounts, and recipients by March 13, calling the anonymous political funding unconstitutional.

In response, the SBI provided details as per the court's directions, and the electoral bonds not encashed within the validity period were transferred to the Prime Minister's National Relief Fund.

In a March 11 hearing, the court dismissed SBI's plea for an extension and directed the bank to disclose details to the ECI by March 12. The court's landmark decision aims to enhance transparency in political funding.

The SBI had previously sought an extension, citing the complexity of the process to decode and match donors with donations due to stringent measures ensuring donor anonymity. However, the court found that the information was readily available and ordered compliance by the specified date.

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TAGS:Supreme CourtSBIElectoral Bonds
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