Editor's Pick | SC firm, tells SBI to share poll bond details today

Denying any time delay, the Supreme Court on Monday dismissed an application by the State Bank of India (SBI) for time till June 30 to provide details of electoral bonds purchased anonymously and their encashment by political parties, as all details were ‘readily available’. A five-judge Bench headed by Chief Justice of India D.Y. Chandrachud, which on February 15 struck down the electoral bonds scheme as unconstitutional, gave the bank 24 hours, that is, by the close of business hours on March 12, to provide the details to the Election Commission (EC). Once the bank forwards the details, the EC has to compile and publish the data on its website on March 15 by 5 p.m. Senior advocate Harish Salve, for the SBI, explained that matching the bonds purchased and names of donors with the parties that redeemed the bonds was a “time-consuming and complex” exercise. Details were kept in two separate silos and not stored in a digital format. The judgment had capsized the “core purpose” of the electoral bonds scheme, which was “utmost secrecy”. “We have to reverse the whole process”, Mr. Salve argued. But Chief Justice Chandrachud said the judgment had not asked the bank to “match” information to ascertain who contributed to which political parties. “We had only asked you to do a plain disclosure... We just wanted you to comply with the judgment.” Chief Justice Chandrachud said contributors, whether they had SBI accounts or not, at the time of purchase of an electoral bond, had to submit to the bank their bond applications, Know Your Customer documentation and proof of payment through NEFT, cheque or demand draft. Similarly, political parties, in order to redeem a bond, had to open current accounts in any of the authorised branches in Chennai, Kolkata, Mumbai or New Delhi. Justice Sanjiv Khanna asked whether the bank wanted a specific judicial order to open the sealed covers containing the bonds’ details right here in the courtroom. Chief Justice Chandrachud pointed out that the SBI had not even bothered to mention what it had been doing for the past 26 days since the February 15 judgment. The Hindu’s Editorials Names and bonds: On electoral bonds scheme, the Supreme Court, and the State Bank of India Politics and pass-overs: On the 96th Academy Awards The Hindu’s Daily News Quiz Which former Indian cricketer was named by the Trinamool Congress to contest from Berhampore Lok Sabha seat? Deep Dasgupta Yusuf Pathan Manoj Tiwary Saba Karim To know the answer and to play the full quiz, click here. [logo] Editor's Pick 12 March 2024 [The Hindu logo] In the Editor's Pick newsletter, The Hindu explains why a story was important enough to be carried on the front page of today's edition of our newspaper. [Arrow]Open in browser [Mail icon]More newsletters SC firm, tells SBI to share poll bond details today Denying any time delay, the Supreme Court on Monday [dismissed an application by the State Bank of India]( (SBI) for time till June 30 to provide details of electoral bonds purchased anonymously and their encashment by political parties, as all details were ‘readily available’. A five-judge Bench headed by Chief Justice of India D.Y. Chandrachud, which on February 15 struck down the electoral bonds scheme as unconstitutional, gave the bank 24 hours, that is, by the close of business hours on March 12, to provide the details to the Election Commission (EC). Once the bank forwards the details, the EC has to compile and publish the data on its website on March 15 by 5 p.m. Senior advocate Harish Salve, for the SBI, explained that matching the bonds purchased and names of donors with the parties that redeemed the bonds was a “time-consuming and complex” exercise. Details were kept in two separate silos and not stored in a digital format. The judgment had capsized the “core purpose” of the electoral bonds scheme, which was “utmost secrecy”. “We have to reverse the whole process”, Mr. Salve argued. But Chief Justice Chandrachud said the judgment had not asked the bank to “match” information to ascertain who contributed to which political parties. “We had only asked you to do a plain disclosure... We just wanted you to comply with the judgment.” Chief Justice Chandrachud said contributors, whether they had SBI accounts or not, at the time of purchase of an electoral bond, had to submit to the bank their bond applications, Know Your Customer documentation and proof of payment through NEFT, cheque or demand draft. Similarly, political parties, in order to redeem a bond, had to open current accounts in any of the authorised branches in Chennai, Kolkata, Mumbai or New Delhi. Justice Sanjiv Khanna asked whether the bank wanted a specific judicial order to open the sealed covers containing the bonds’ details right here in the courtroom. Chief Justice Chandrachud pointed out that the SBI had not even bothered to mention what it had been doing for the past 26 days since the February 15 judgment. The Hindu’s Editorials [Arrow][Names and bonds: On electoral bonds scheme, the Supreme Court, and the State Bank of India]( [Arrow][Politics and pass-overs: On the 96th Academy AwardsÂ]( The Hindu’s Daily News Quiz Which former Indian cricketer was named by the Trinamool Congress to contest from Berhampore Lok Sabha seat? - Deep Dasgupta - Yusuf Pathan - Manoj Tiwary - Saba Karim To know the answer and to play the full quiz,[click here.]( [Sign up for free]( Today’s Best Reads [[A possible solution for Bengaluru’s water crisis: Data] A possible solution for Bengaluru’s water crisis: Data]( [[NSA Doval meets Israeli PM Netanyahu to discuss war in Gaza, humanitarian assistance] NSA Doval meets Israeli PM Netanyahu to discuss war in Gaza, humanitarian assistance]( [[Citizenship Amendment Act rules notified, four years after the law was passed] Citizenship Amendment Act rules notified, four years after the law was passed]( [[NIA conducts raids in four States in terrorist-gangster nexus case] NIA conducts raids in four States in terrorist-gangster nexus case]( Copyright© 2024, THG PUBLISHING PVT LTD. 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