The Supreme Court of India has ordered the State Bank of India (SBI) to disclose the unique numbers of electoral bonds that have been issued since the scheme was introduced in 2018. The court also ordered SBI to disclose the names of the purchasers of the bonds.
This order is a significant step towards ensuring transparency and accountability in political funding in India. The disclosure of the unique numbers of electoral bonds will allow the public to track the flow of money to political parties. This information will be important for preventing corruption and ensuring that political parties are not unduly influenced by large donors.
Background
Electoral bonds are a type of financial instrument that can be purchased by individuals and companies to donate money to political parties in India. The bonds are issued by SBI and can be purchased from select branches of the bank.
The unique numbers of electoral bonds are important because they can be used to track the flow of money to political parties. This information is important for ensuring transparency and accountability in political funding.
Supreme Court Order
On March 20, 2024, the Supreme Court of India ordered SBI to disclose the unique numbers of electoral bonds that have been issued since the scheme was introduced in 2018. The court also ordered SBI to disclose the names of the purchasers of the bonds.
The Supreme Court’s order came in response to a petition filed by the Association for Democratic Reforms (ADR), a non-profit organization that works to promote transparency in electoral funding. ADR had argued that the unique numbers of electoral bonds are essential for ensuring transparency and accountability in political funding.
SBI’s Response
SBI has said that it will comply with the Supreme Court’s order and disclose the unique numbers of electoral bonds. The bank has also said that it will disclose the names of the purchasers of the bonds, but only after obtaining their consent.
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Implications
The Supreme Court’s order is a significant step towards ensuring transparency and accountability in political funding in India. The disclosure of the unique numbers of electoral bonds will allow the public to track the flow of money to political parties. This information will be important for preventing corruption and ensuring that political parties are not unduly influenced by large donors.
Conclusion
The Supreme Court’s order is a victory for transparency and accountability in political funding in India. The disclosure of the unique numbers of electoral bonds will allow the public to track the flow of money to political parties and ensure that political parties are not unduly influenced by large donors.
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