SIGN UP FOR POSTSCARD'S MORNING NEWSLETTER

The best stories of the day, in your inbox

Electoral Bonds Case: Supreme Court Rejects SBI’s Plea

electoral bonds

The Supreme Court of India convened today to address critical matters related to electoral bonds. The State Bank of India (SBI) had filed an application seeking an extension of time until June 30 to disclose crucial information regarding these bonds. Here are the key highlights from today’s proceedings:

  1. Background:

    • The electoral bonds scheme, introduced by the Modi government, allowed for anonymous political funding.
    • However, in a landmark judgment delivered last month, the Supreme Court declared the electoral bond process unconstitutional1.
    • The court’s decision has significant implications for transparency and accountability in political financing.
  2. SBI’s Plea for Time Extension:

    • The SBI requested additional time to compile and decode information related to the sale of 22,217 electoral bonds.
    • These details include information about bond purchasers, denominations, encashment, and dates of encashment.
    • The original deadline for disclosure was March 6, as per the court’s earlier judgment.
  3. Contempt Petitions Against SBI Chairman:

    • NGOs, including the Association for Democratic Reforms (ADR) and Common Cause, along with the political party Communist Party of India (Marxist), filed contempt petitions against SBI Chairman Dinesh Kumar Khara.
    • These petitions allege that the bank failed to meet the disclosure deadline set by the court.
  4. Court Proceedings:

    • 5-judge bench comprising Chief Justice of India DY Chandrachud, Justices Sanjiv KhannaBR GavaiJB Pardiwala, and Manoj Misra heard the matter at 10:30 AM today.
    • The court expressed its displeasure over the delay and emphasized the importance of timely disclosure.
    • The SBI was directed to share the necessary information with the Election Commission of India (ECI).
  5. Upcoming Deadline:

    • The SBI must now furnish the electoral bond details by tomorrowMarch 12, 2024.
    • The ECI will subsequently publish this information on its website by March 13.

As the nation awaits these disclosures, the court’s decision underscores the critical role of financial transparency in shaping our democracy. Stay tuned for further updates as this significant issue unfolds.

The Ministry of Commerce and Industry has issued a crucial advisory to

The Jallianwala Bagh massacre of 1919 remains etched in history

Amid escalating tensions in the Middle East, the United States

Tragedy struck the bustling city of Sydney today as a

The highly anticipated big-budget Ramayana film, starring Ranbir Kapoor, is

The United Kingdom has significantly increased the minimum income required

PM Narendra Modi, in a groundbreaking move, recently engaged with

Ashneer Grover, the co-founder and former managing director of BharatPe, is

A resurgence of whooping cough, a highly contagious respiratory illness,

The Andhra Pradesh Board of Intermediate Examination (BIEAP) has officially declared

In a significant breakthrough, the National Investigation Agency (NIA) has apprehended two

Bade Miyan Chote Miyan, the latest Bollywood offering, has hit

A tragic accident in Balochistan, Pakistan, has claimed the lives

In a significant political development, former Congress spokesperson Rohan Gupta has crossed

Narnaul, Haryana: In a heart-wrenching incident, six school children lost

In a highly anticipated development, Elon Musk, the visionary entrepreneur behind Tesla,

In a significant move to address the labor shortage faced

In a candid interview with Newsweek magazine, Prime Minister Narendra Modi emphasized

Truecaller, the popular caller identity and spam detection app, has

Marcelino Abad, a remarkable man hailing from the serene landscapes

At the recent Google Cloud Next 2024 event, the tech giant unveiled

The Supreme Court has once again refused to accept an

Professor Peter Higgs, the brilliant physicist renowned for his groundbreaking

In a significant development, Paytm, the digital payment and financial services

In a tragic incident that has sent shockwaves through the

In a significant move, Turkey has imposed export restrictions on 54 vital products destined

Get daily updates in your inbox. Subscribe to our newsletter.