| Posted on
In the ongoing Electoral Bonds case, Senior advocate Harish Salve, representing the State Bank of India (SBI), has put forth key arguments regarding the disclosure of details related to electoral bonds. Salve highlighted that the SBI requires additional time to submit these details to the Election Commission of India. He emphasized that the bank's process ensured anonymity by not linking purchaser names with bond numbers, as per the standard operating procedure (SOP) of the scheme.
The Supreme Court, in a recent hearing, observed that all necessary information is available at the main branch of SBI and suggested that the bank could easily disclose this information by opening sealed covers and correlating the data. The court emphasized that there was no requirement to match donor KYC details with political parties, but rather to disclose available information to ensure transparency.
The Supreme Court had previously scrapped the Centre's electoral bonds scheme on February 15, deeming it unconstitutional due to allowing anonymous political funding. The court had directed the disclosure of donors, donation amounts, and recipients by March 13. Despite this deadline, SBI requested an extension until June 30 to provide this information, leading to a plea for contempt action against SBI for non-compliance with the court's directive.
Salve's argument for more time to comply with the court's judgment raises concerns about transparency in political funding. The delay in disclosing electoral bond details could hinder efforts towards greater accountability and transparency in political finance. The court's scrutiny of SBI's request for an extension reflects a commitment to upholding transparency standards and ensuring compliance with legal directives regarding political funding disclosures.
The outcome of this case will significantly impact transparency in political funding practices in India. It will set a precedent for how financial contributions to political parties are monitored and disclosed, influencing accountability measures within the political landscape. The Supreme Court's decision on whether to grant an extension to SBI or take contempt action will shape future regulations on electoral funding transparency and accountability.
In conclusion, Harish Salve's arguments in the Electoral Bonds case highlight the complexities surrounding transparency in political funding and the need for stringent disclosure mechanisms. The Supreme Court's stance on this matter will play a crucial role in shaping the landscape of political finance transparency in India.
0