The State Bank of India (SBI) has approached the Supreme Court, urging an extension of the deadline for providing information about electoral bonds to the Election Commission until June 30. This request comes after the Supreme Court's recent landmark decision to scrap the electoral bonds scheme and instruct SBI to furnish the details to the Election Commission by March 6.
The Supreme Court's ruling last month declared the electoral bonds scheme unconstitutional, citing concerns about its impact on citizens' right to information. Chief Justice of India DY Chandrachud emphasized that the scheme was arbitrary and could potentially lead to reciprocal arrangements between political parties and donors. Consequently, the court directed SBI to halt the issuance of electoral bonds and disclose information regarding donations made through this channel to the EC.
The decision of the Constitution bench, comprising five judges, underscored that the electoral bonds scheme failed to achieve its stated objectives of combating black money while safeguarding donor anonymity. The court emphasized that alternative measures exist to address the issue of illicit funds in politics, signaling a significant shift in electoral finance regulation in India.