Electoral Bond Scheme was declared unconstitutional by Supreme Court on ground that non-disclosure of information regarding funding of political parties was violative of right to information of citizens under article 19(1)(a) of Constitution. To give full effect to said judgment, State Bank of India (SBI), which was authorized Bank to deal with Electoral Bonds under Electoral Bond Scheme, was directed to submit details of Electoral Bonds purchased by contributors and redeemed by political parties between 12-4-2019 (date on which an interim order was passed by Supreme Court directing Election Commission of India to collect details of contributions) till 15-2-2024 (date of said judgment). SBI filed a miscellaneous application seeking extension of time until 30-6-2024 for complying with said directions on ground that process of ‘decoding Electoral Bonds and matching donor to donations’ was a complex and time-consuming exercise.Since details of Electoral Bonds which had been purchased and which had been directed to be disclosed were readily available, SBI was not justified in seeking extension of time. Accordimgly the miscellaneous Application filed by SBI seeking an extension of time for disclosure of details of purchase and redemption of Electoral Bonds until 30-6-2024 is dismissed and SBI is directed to disclose details by close of business hours on 12-3-2024.
State Bank of India v. Association for Democratic Reforms (2024) 298 Taxman 352 (SC) Editorial : Association of Democratic Reforms v.UOI (2024) 159 taxmann.com 383 (SC)/[2024] 183 SCL 147 (SC)/[2024] 243 COMP CASE 115 (SC)
S. 13A : Political parties-Electoral Bond Scheme-Declared unconstitutional-Direction to submit details of Electoral Bonds purchased-Time to extend the publication of details of purchsers of Bonds-The miscellaneous Application filed by SBI seeking an extension of time for disclosure of details of purchase and redemption of Electoral Bonds until 30-6-2024 was dismissed and SBI was directed to disclose details by close of business hours on 12-3-2024. [Art. 19(1)(g)]