Unclaimed Electoral Bonds Redirected to Prime Minister's Relief Fund: SBI Informs Supreme Court

 The Chairman of the State Bank of India (SBI) on Wednesday filed an affidavit in the Supreme Court, confirming compliance with the court's order regarding electoral bonds (EB) purchased since April 1, 2019. The affidavit, submitted by SBI Chairman Dinesh Kumar Khara, stated that all details of EB purchases have been provided to the Election Commission of India (ECI) within the stipulated deadline. The furnished documents include two sets of information: one containing the names of political parties and details regarding the bonds redeemed by them, and the other containing details of EB purchasers. SBI clarified that unencashed bonds within the validity period of 15 days were transferred to the Prime Minister's Relief Fund.

The affidavit outlined SBI's record-keeping process, which includes recording the date of purchase, denomination, and buyer's name, as well as the date of encashment and denominations of bonds redeemed by political parties. SBI ensured compliance by delivering this information to the ECI in digital form by March 12, 2024. The bank emphasized that it provided details of both bond purchasers and political party recipients. Sources confirm that SBI has adhered to the court's orders by submitting the electoral bond details to the Election Commission. Since the inception of the scheme in 2018, SBI has issued electoral bonds totaling Rs 16,518 crore in 30 tranches. In a significant ruling on February 15, the Supreme Court declared the Centre's electoral bond scheme unconstitutional, ordering disclosure of donors, donation amounts, and recipients by the Election Commission. Despite SBI's request for an extension until June 30, the court rejected it and mandated submission of all details to the Election Commission by the close of business hours on Tuesday.