New Delhi: The Supreme Court on Monday directed the State Bank of India (SBI) to share details of electoral bonds with the Election Commission of India (ECI) by Tuesday, rejecting the bank’s plea for an extension until June 30.
The court instructed the ECI to publish the electoral bond details on its website by 5 pm on Friday, warning of contempt proceedings against SBI if it fails to comply.
Last month, the Supreme Court declared the electoral bonds scheme unconstitutional, citing a violation of citizens’ right to information. The court had previously ordered SBI to disclose the bonds by March 6, with the ECI instructed to publish the details by March 13.
Chief Justice of India DY Chandrachud criticised the scheme as unconstitutional and arbitrary, expressing concerns over potential quid pro quo arrangements between political parties and donors. The court held that the scheme’s objective of combating black money and preserving donor confidentiality was insufficient justification.
The court emphasised that electoral bonds are not the sole solution for tackling black money in politics.