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Unlocking Secrets: What SBI’s Electoral Bond Data Reveals in 5 Key Points

2689805 Electoral Bond Data Sbi

The Supreme Court recently issued a directive to the State Bank concerning the electoral bond scheme. This article delves into the implications of this directive, the significance of electoral bond data, and the role of various stakeholders in ensuring transparency in political funding.

The Supreme Court’s Directive

Handing Over Data to Election Commission

The Supreme Court mandated State Bank to hand over all data related to the electoral bond scheme to the Election Commission (EC) by a specified deadline.

Deadline for Submission

State Bank was given until the evening of March 12th to provide the EC with details regarding each electoral bond purchase, including the purchaser’s name, purchase date, and bond amount.

Significance of Electoral Bond Data

Transparency in Political Funding

The directive aims to enhance transparency in political funding by ensuring that all transactions related to electoral bonds are documented and accessible to the Election Commission.

Accountability of Political Parties

Access to electoral bond data enables the Election Commission to monitor the flow of funds to political parties, thereby holding them accountable for their financial transactions.

State Bank’s Role

Handling Electoral Bond Purchases

As the designated intermediary for electoral bond purchases, State Bank plays a crucial role in facilitating these transactions while ensuring compliance with regulatory requirements.

Data to be Provided

State Bank is required to furnish comprehensive data on each electoral bond purchase, enabling the Election Commission to maintain a comprehensive record of political funding activities.

Electoral Bond Data Disclosure

ECI’s Deadline

The Election Commission is expected to upload the electoral bond data received from State Bank onto its website by the evening of March 13th.

Submission Process

State Bank is obligated to submit the data to the Election Commission by 5 p.m. on March 15th, ensuring timely disclosure of electoral bond transactions.

The Supreme Court’s directive to State Bank regarding the electoral bond scheme underscores the importance of transparency and accountability in political funding. By ensuring the timely submission of electoral bond data, stakeholders can contribute to the integrity of the electoral process.