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SBI Urges Supreme Court For Extension of Deadline To Submit Electoral Bond Data

The State Bank of India (SBI) requested an extension until June 30 to submit electoral bond information to the Election Commission, following the Supreme Court's ruling invalidating the scheme, which allowed anonymous political funding, citing concerns over constitutional rights.

Edited By : Aniket Raj | Updated: Mar 4, 2024 20:17 IST
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On Monday, the State Bank of India (SBI) requested the Supreme Court to extend the deadline until June 30 for submitting information related to electoral bonds to the Election Commission of India (ECI). Originally, the deadline for SBI to provide the Election Commission with relevant information was March 6, 2024, following the Supreme Court’s decision to invalidate the electoral bonds scheme in a significant ruling.

Nevertheless, due to the complexity of the task, the central bank has requested additional time to fulfill the court’s directives.

Previously, the Supreme Court had instructed the SBI to reveal donor information from the interim order on April 12, 2019, up to the judgment date on February 15, 2024. During this timeframe, a substantial number of electoral bonds, totaling 22,217, were used to contribute to different political parties.

The Supreme Court invalidated the electoral bonds scheme, stating that it infringes upon the right to information and the freedom of speech and expression as guaranteed by the Constitution.

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The Supreme Court issued a unanimous verdict on a series of petitions questioning the legality of the central government’s electoral bonds scheme, which permitted anonymous funding to political parties.

All banks were instructed to cease further issuance of electoral bonds, and the State Bank of India (SBI) was tasked with providing details of electoral bonds purchased since April 12, 2019, to the Election Commission.

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First published on: Mar 04, 2024 08:17 PM IST

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