Election Bond Disclosure: SBI Files a Motion with the SC to Extend the Deadline Until After the Lok Sabha Elections

The State Bank of India (SBI) filed a motion with the Supreme Court on Monday, requesting an extension of time till June 30 to submit the electoral bond data. This is happening only two days before the previous deadline set by the Supreme Court, which is March 6.

In a historic ruling on February 15, the Supreme Court ordered the bank to provide information on every electoral bond that political parties had redeemed. The electoral bond’s amount and date of encashment are among the facts that the court ordered the bank to disclose to the public.

What is said in SBI’s appeal?

In its request for an extension of time, the SBI said that the process of “decoding” Electoral Bonds and linking contributors to their donations would be difficult due to the strict precautions put in place to protect donor identity’s secrecy.

It said that the process of getting information out of “each silo” and connecting one silo’s information to another would take a lot of time.

It is said that information on purchases made at the Branches, including the buyer’s or donor’s name, which might be compared to the bond’s denomination, date of issuance, place of issuance (branch), and bond number, is not centrally held at any one location. Two distinct data silos were used to capture the information pertaining to the bond’s issue and redemption. There was no central database kept up to date. This was carried out to guarantee the privacy of contributors,” the statement said.

The bank informed the supreme court that some branches kept donor information confidential. It also said that they were subsequently placed at the applicant bank’s Mumbai main branch.

The State Bank of India (SBI) said that the three-week period the Supreme Court allotted in its ruling on February 15th was not long enough to do all required work. In order to comply with the court’s decision, which included ceasing the issuing of Electoral Bonds and providing information about previous transactions, the bank asked for an extension.

SC had ruled against the Election Bond Program.
In February of this year, the Electoral Bonds program was declared unconstitutional by a five-judge Constitution panel headed by Chief Justice of India DY Chandrachud and including Justices Sanjiv Khanna, BR Gavai, JB Pardiwala, and Manoj Misra. The ruling was historic and unanimous. Furthermore, the Representation of People Act and Income Tax Act modifications that permitted anonymous contributions were

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