In a recent development, the Supreme Court of India raised eyebrows over the State Bank of India’s (SBI) reluctance to disclose vital information regarding electoral bonds. The controversy centers around the unique serial numbers assigned to each bond, which were not included in the data furnished by SBI to the Election Commission of India (ECI).
Electoral Bonds: A Scheme Under Scrutiny
Introduced in 2018, electoral bonds were envisioned as a means to cleanse political funding in India. These anonymized bonds could be purchased by individuals or entities and donated to political parties. The rationale behind the scheme was to curb the flow of black money in political donations.
However, the scheme has been met with skepticism since its inception. Critics argue that anonymity fosters opacity in political funding, making it difficult to track the source of donations and identify potential conflicts of interest.
The Bone of Contention: Missing Serial Numbers
The Supreme Court’s scrutiny stems from a previous judgment that mandated the disclosure of all details pertaining to electoral bonds. This includes the date of purchase, the name of the purchaser (if applicable), the denomination of the bond, and crucially, the unique serial number.
The absence of serial numbers in the data provided by SBI raises concerns about the transparency of the electoral bond scheme. Without these identifiers, it becomes an uphill task to trace the trajectory of individual bonds and ascertain which parties benefitted from specific donations. This lack of transparency can potentially impede efforts to ensure accountability in political funding.
SBI’s Reasons for Withholding Information Remain Unclear
The reasons behind SBI’s decision to withhold the serial numbers are yet to be elucidated. The bank has not issued any official statement clarifying its stance on the matter.
The Road Ahead: Ensuring Transparency in Political Funding
The Supreme Court’s intervention serves as a timely reminder of the importance of transparency in political funding. Electoral bonds, while intended to address the issue of black money, can potentially become conduits for undisclosed donations if adequate safeguards are not in place.
The disclosure of unique serial numbers associated with each bond is a crucial step towards ensuring transparency. This information would empower citizens to hold political parties accountable for the sources of their funding.
Moving forward, it is imperative for SBI to comply with the Supreme Court’s directive and furnish all relevant details concerning electoral bonds. Additionally, policymakers should explore ways to further strengthen the transparency framework surrounding political funding in India.
