Electoral bond SC verdict: India will know all info about all donors and receivers, hidden so far, by March 13
Electoral bond: In a landmark judgment delivered on February 15, the Supreme Court unanimously struck down the electoral bonds scheme, holding these bonds «unconstitutional».
The State Bank of India, the authorised seller of these poll bonds, was directed by the apex court to provide details of donations made through these bonds, as well as all relevant info on whoever the money went to.
Holding political donations by companies as purely for «quid pro quo purposes», the top court ordered that the information of all corporate contributors be made public.
SBI will also have to provide details of electoral bonds that were encashed by the political parties.
Also read: Supreme Court delivers landmark unanimous judgment in poll bonds case
SBI will have to furnish all relevant info to Election Commission of India by March 6, 2024, which in turn will make these details available on its website by March 13, 2024, the apex court said.
Electoral bonds: Key points to note
Electoral bonds are a bearer instrument «in the nature of a Promissory Note and an interest free banking instrument». A citizen of India or a body incorporated in India is eligible to buy these bonds.
These bonds are issued/bought «for any value, in multiples of Rs 1,000, Rs 10,000, Rs 1,00,000, Rs 10,00,000 and Rs 1,00,00,000 from specified branches of SBI».
The bonds are available for purchase for a period of 10 days each in the months of January, April, July and October, as may be specified by the Central govt.
An additional 30-day period is
