• UGI USER
  • Mar 12, 2024
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SC REJECTS SBI PLEA FOR MORE TIME, SAYS SUBMIT BOND DETAILS TODAY

Why in the news?

  • Supreme Court dismisses State Bank of India’s plea to extend deadline for disclosing electoral bond details, instructs submission by March 12.
source:jobvision

About SC Directive on Electoral Bond Disclosure and Rejection of SBI’s Extension Request:

  • The Supreme Court turned down SBI’s plea for an extension till June 30 to reveal electoral bond details.
  • SBI was instructed to furnish bond details to the Election Commission by March 12, dismissing the request.
  • NGOs filed a contempt plea against SBI Chairman, alleging deliberate delay in disclosing donor details.
  • Petition follows SC’s February 15 verdict striking down the electoral bond scheme and directing SBI to furnish details by March 6.
What is the electoral bond ?

●  Introduced in 2017, electoral bonds facilitate anonymous donations to political parties.

●  Issued by the State Bank of India in various denominations from Rs 1,000 to Rs 1 crore.

●  Interest-free, payable to the bearer on demand, valid for 15 days.