As the controversy escalates, the possibility of another legal battle looms large, with stakeholders advocating for greater transparency and accountability in political financing
The contentious issue surrounding electoral bonds has resurfaced with the State Bank of India (SBI) refusing to disclose vital alphanumeric codes linked to each bond, potentially obstructing efforts to trace donors to political parties. This development has prompted petitioners to contemplate returning to the Supreme Court seeking resolution.
Advocate Prashant Bhushan, representing the petitioner Association for Democratic Reforms (ADR), took to social media platform X to express concern over the lack of transparency. Bhushan emphasised the significance of the alphanumeric codes, essential for establishing the link between donors and recipients, as mandated by a previous Supreme Court ruling.
The Info of #ElectoralBonds uploaded by EC (which they say is as recd from SBI), does not give the serial number of the bonds, which is necessary for finding who gave bond to whom. This was implicit in SC Jt. SBI affidavit said this info is recorded though in separate silos. pic.twitter.com/WTcq0pmDvR
— Prashant Bhushan (@pbhushan1) March 14, 2024
He noted that the information provided by the Election Commission (EC), purportedly obtained from SBI, lacked crucial serial numbers, hindering efforts to unveil the bond's trajectory. Bhushan cited an affidavit submitted by SBI, acknowledging the existence of the data but asserting its segregation into separate databases.
On Thursday, the Election Commission of India made public the electoral bond data it received from SBI, prompting scrutiny from ADR co-founder Jagdeep Chhokar.
Chhokar expressed the organisation's cautious approach, stating that they are currently exploring the possibilities of utilising the available data before pursuing further action. He stressed the importance of thorough consideration rather than hasty decisions.
The reluctance of SBI to disclose the unique identifiers on electoral bonds has reignited concerns regarding transparency and accountability in political funding. Critics argue that without this crucial information, tracking the flow of funds from donors to political entities becomes nearly impossible, raising questions about the integrity of the electoral process.
The electoral bond scheme, introduced in 2018, allows individuals and organizations to donate funds to political parties anonymously through SBI. However, the lack of transparency surrounding these donations has been a subject of debate and legal challenges since its inception. Critics contend that the scheme facilitates opacity in political funding, potentially enabling the channeling of illicit funds to parties without public scrutiny.
As the controversy escalates, the possibility of another legal battle looms large, with stakeholders advocating for greater transparency and accountability in political financing. The outcome of this dispute could have far-reaching implications for electoral integrity and democratic processes in India.