Home Nation Electoral bonds worth ₹280 crore sold ahead of Bihar Assembly elections

Electoral bonds worth ₹280 crore sold ahead of Bihar Assembly elections


₹ 130 crore bought from Mumbai department of SBI.

Electoral bonds Worth ₹ 282.29 crore have been bought in October forward of the Bihar Assembly election, the State Bank of India mentioned on Friday in response to a Right to Information (RTI) question.

The financial institution was responding to an utility by Commodore Lokesh Ok. Batra (retired). He had sought a “branch-wise and denomination-wise” data on the sale of electoral bonds between October 19 and October 28.

Comment | The opacity around electoral bonds

The RTI reply confirmed that bonds price ₹ 282,29,01,000 have been bought from 9 SBI branches. The Mumbai department bought the best quantity of electoral bonds at ₹ 130 crore.

Electoral bonds valued ₹ 1 crore every have been bought essentially the most at 279. This was adopted by bonds price ₹ 10 lakh every – 32 of them have been bought. Nine bonds price a lakh every have been additionally bought. A solitary bond valued at ₹ 1,000, which was not encashed, was transferred to the Prime Minister’s National Relief Fund.

The data from the RTI response is critical as a petition difficult the validity of electoral bonds, filed by the NGO, Association for Democratic Reforms, has been pending for lengthy within the Supreme Court.

Parley | Have electoral bonds made a bad system worse?

In October, the NGO had urgently moved the apex courtroom towards the opening of the sale window proper earlier than the Bihar polls. It had requested the courtroom for an pressing listening to.

The utility had mentioned that “right before the Bihar Legislative Assembly elections, the State Bank of India, in the XIV phase of sale, has been authorized to issue and encash electoral bonds through its 29 authorized branches wef October 19 to October 28”.

The utility had identified that the federal government notification of 2018 on electoral bonds scheme stipulated that their sale ought to occur within the months of January, April, July and October yearly.

However, the sale window was not opened in April and July, however has been finished so in October, proper earlier than the Bihar polls, it contended.

The utility mentioned it has been 9 months because the final listening to within the case. The petitioner had twice urged the courtroom to remain the implementation of the scheme.

In January this yr, a Bench led by Chief Justice of India Sharad A. Bobde had not discovered it vital to remain the scheme.


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