SBI Seeks More Time From SC To Give Info On Electoral Bonds To EC

This comes a month after the Supreme Court, in a landmark verdict, struck down the electoral bonds scheme and told SBI to give the information to the EC by March 6.

Outlook Web Desk

Updated on: 4 March 2024 7:33 pm

The SBI has sought time till June 30. Photo: File image

The State Bank of India (SBI) has requested for more time for giving information about electoral bonds to the Election Commission of India. This comes a month after the Supreme Court, in a landmark verdict, struck down the electoral bonds scheme and told SBI to give the information to the EC by March 6.

The SBI has sought time till June 30.

The Supreme Court bench, headed by Chief Justice of India (CJI) DY Chandrachud struck the electoral bonds scheme that allowed anonymous political funding, saying changes made in the laws to implement it were unconstitutional.

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Govt Printed Electoral Bonds Worth Rs 8,350 Cr In Weeks Before SC Scrapped Scheme: RTI

Meanwhile, an RTI application response has revealed that in weeks before the Supreme Court scrapped the electoral bonds (EB) scheme, the government printed 8,350 bonds of Rs one crore face value each.

According to an Indian Express report citing the RTI response, since the launch of the scheme in 2018, the government has printed electoral bonds worth Rs 35,660 crore -- 33,000 bonds of Rs one crore face value each and 26,600 bonds of Rs 10 lakh face value each.

Between December 29 last year and February 15 this year, when the Supreme Court scrapped the electoral bonds scheme of anonymous political funding, the Government printed 8,350 bonds of Rs one crore face value each.

The information was reportedly provided by the Department of Economic Affairs, Ministry of Finance, in reply to an RTI application filed by Commodore Lokesh K Batra (Retd).

ALSO READ | Explained: What Are Electoral Bonds And How Does Supreme Court's Verdict Impact Political Funding?

According to the RTI response, commission and printing the EBs cost the Government Rs 13.94 crore, while the State Bank of India (SBI), which is the authorised financial institution under the scheme, charged it Rs 12.04 crore (inclusive of GST) as commission for sales in 30 phases since the launch of the scheme.