Syllabus: GS-III, Subject: Economy, Topic: Fiscal policy and Budgeting, Issue: Electoral bonds
Context: The State Bank of India moved the Supreme Court seeking time till June 30 to comply with the directions in Electoral bonds judgement.
Association for Democratic Reforms v Union of India 2024 (Electoral bonds judgement)
- The Court unanimously struck down the Electoral Bonds (EB) Scheme for having violated the voters’ right to information enshrined in Article 19(1)(a) of the Constitution.
- Unlimited Corporate funding was held unconstitutional as it violated the principle of “one person, one vote”.
Directions to SBI:
- The court ordered SBI to stop the sale of electoral bonds.
- Directed SBI to submit details of electoral bonds purchased between April 2019 and February 2024 to the Election Commission.
- Details must include the date of purchase, the name of the buyer, and the denomination of the bond by March 6.
Direction to the Election Commission
- To publish the information received from SBI on its website by March 13.
