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India's Supreme Court has dismissed a request from the State Bank of India (SBI) for additional time to disclose information regarding individuals and entities purchasing electoral bonds to finance political parties. The court instructed the bank to furnish the details to the Election Commission of India (ECI) by the close of business the following day, with a mandate for the ECI to publish the data on its website by March 12, just ahead of the impending general election announcement, expected by May.
The court warned the SBI of potential consequences for non-compliance, emphasizing the importance of adhering to the stipulated timeline. Electoral bonds, introduced by Prime Minister Narendra Modi's administration in 2017, enabled anonymous and unlimited contributions to political parties through certificates purchased from the SBI. The court had previously declared the electoral bond system unconstitutional on February 15, citing infringement upon voters' right to information and dealing a blow to Modi's BJP, the primary beneficiary of these bonds.
Critics had condemned the system as a channel for undisclosed funds, while supporters argued for its regulatory advantages over traditional cash donations. Challenges to the seven-year-old system were led by opposition members and civil society organizations, including the Association for Democratic Reforms (ADR), which revealed significant funding disparities favoring the BJP.