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The State Bank of India (SBI) has approached the Supreme Court, seeking an extension of the deadline to provide information related to electoral bonds. These bonds have been a topic of significant debate and controversy in recent times.
SBI Urges Supreme Court.
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Background
Electoral bonds are financial instruments that allow individuals and corporations to make anonymous donations to political parties. Introduced in 2018, they were intended to promote transparency and accountability in political funding. However, concerns have been raised about their impact on the democratic process and the lack of disclosure regarding the donors.
SBI’s Request
The SBI, which is the sole authorized bank to issue and redeem electoral bonds, has requested the Supreme Court to extend the deadline for submitting information related to these bonds. The bank cites practical difficulties in complying with the original deadline due to the sheer volume of data and the need for meticulous verification.
Implications
The Supreme Court’s decision on this matter will have significant implications for political funding and transparency. If the deadline is extended, it may provide more time for a thorough examination of the electoral bond system. On the other hand, maintaining the original deadline could signal a commitment to transparency and accountability.
Conclusion
As the legal battle continues, the fate of electoral bonds remains uncertain. The SBI’s request highlights the complexities involved in handling this controversial financial instrument. Citizens and policymakers alike await the court’s decision, hoping for clarity and a fair resolution.
Disclaimer: SBI Urges Supreme Court – This blog post is for informational purposes only and does not constitute legal advice.
FAQ
What is the current status of the electoral bonds scheme?
The Supreme Court has declared the electoral bonds scheme unconstitutional and ordered its immediate cessation. The State Bank of India (SBI), the authorized bank for selling electoral bonds, has been directed to stop issuing them.
Why did the Supreme Court strike down the electoral bonds scheme?
The court held that anonymous electoral bonds violate the Right to Information Act (RTI) and citizens’ freedom of speech and expression. It also emphasized the importance of political privacy and affiliation. The amendment allowing corporate political funding was also deemed unconstitutional.
What information must the SBI disclose regarding electoral bonds?
The SBI must reveal details of electoral bonds encashed by political parties from April 12, 2019, including contributors’ names, encashment dates, and currency denominations. This information will be shared with the Election Commission of India (ECI) and published on the ECI website.
What should political parties do with un-encashed electoral bonds?
Political parties are required to return all electoral bonds within the 15-day validity period that have not yet been encashed to the purchasers.
How will this verdict impact political funding transparency?
The striking down of the electoral bonds scheme aims to enhance transparency in political funding. By revealing contributors’ names and restricting anonymous funding, it promotes greater accountability and openness in the electoral process.
📢 Breaking News: SBI Urges Supreme Court for Extension in Electoral Bonds Disclosure Deadline! 🗳️
The State Bank of India (SBI) has petitioned the Supreme Court for an extension in the electoral bonds disclosure deadline. As the authorized bank for selling these bonds, SBI plays a crucial role in ensuring transparency in political funding. Stay tuned for updates on this significant development! 🇮🇳💼
#SBI #ElectoralBonds #Transparency #SupremeCourt #PoliticalFunding
Last updated on 6 March 2024
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