State Bank of India on Monday asked the Supreme Court to give time till June 30 to the Election Commission to provide information about electoral bonds purchased for donations to political parties.
SBI has asked for time, calling this process a 'very time consuming' task. Lok Sabha elections will be completed in the country by June 30.
Last month, a five-judge bench of the Supreme Court struck down the electoral bonds, terming them unconstitutional, and directed the State Bank of India, which is the only authorized bank to sell electoral bonds, from April 12, 2019, till March 6, 2024. Please inform the Election Commission about the electoral bonds purchased so far.
The Supreme Court had said that keeping the electoral bonds anonymous is a violation of the Right to Information and Article 19 (1) (A).
Supreme Court Chief Justice DY Chandrachud had said that financial help to political parties can encourage the system to make some other arrangements in return.
The Election Commission had to release this information on its website by 31 March.
Electoral bonds are a financial means of donating to political parties.
It is like a promissory note, which any citizen or company of India can buy from selected branches of the State Bank of India and donate anonymously to any political party of their choice.
The Modi government had announced the Electoral Bond Scheme in 2017. This scheme was legally implemented by the government on 29 January 2018.