The State Bank of India (SBI) has filed a compliance affidavit with the Supreme Court, revealing crucial details regarding electoral bonds. According to the affidavit, out of 22,217 purchased bonds between April 1, 2019, and February 15, 2024, a staggering 22,030 were redeemed.
In the affidavit submitted by SBI’s Chief Managing Director, Dinesh Khara, it was disclosed that unencashed electoral bonds within the 15-day validity period were transferred to the Prime Minister’s relief funds.
SBI ensured meticulous record-keeping, documenting purchase dates, denominations, and buyer names, as well as details of encashment by political parties. This information was promptly delivered to the Election Commission of India (ECI) in digital form, meeting the court’s directives by March 12, 2024.
Sources confirm that SBI has adhered to the court’s orders and furnished electoral bonds details to the Election Commission. Since the inception of the scheme in 2018, SBI has issued electoral bonds worth Rs 16,518 crore in 30 tranches.
The Supreme Court’s recent landmark verdict on February 15 declared the Centre’s electoral bonds scheme unconstitutional, demanding transparency in political funding. Despite SBI’s request for an extended deadline till June 30, the court mandated submission of all details to the Election Commission by the close of working hours on Tuesday.
The submission of electoral bonds data by SBI marks a significant step towards transparency in political funding, aligning with the Supreme Court’s directives and upholding democratic principles.
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