ELECTORAL BOND SBI CASE
![It's taxing times for electoral bond buyers after Supreme Court's Feb verdict](https://img.etimg.com/thumb/msid-111387157,width-100,height-75,resizemode-4/news/company/corporate-trends/its-taxing-times-for-electoral-bond-buyers-after-supreme-courts-feb-verdict.jpg)
It's taxing times for electoral bond buyers after Supreme Court's Feb verdict
More than 1,000 entities who purchased electoral bonds for political donations may now face inquiries from tax authorities regarding the deductions claimed on these contributions, following the Supreme Court's decision to invalidate the scheme in February. The Supreme Court, in its ruling on February 15, declared the electoral bond scheme unconstitutional. Since its introduction in January 2018, the scheme had amassed Rs 16,518 crore in donations for political parties.
![Anna Hazare must raise voice against scams in Maharashtra, country: Sanjay Raut](https://img.etimg.com/thumb/msid-110999417,width-100,height-75,resizemode-4/news/politics-and-nation/anna-hazare-must-raise-voice-against-scams-in-maharashtra-country-sanjay-raut.jpg)
Anna Hazare must raise voice against scams in Maharashtra, country: Sanjay Raut
Shiv Sena (UBT) leader Sanjay Raut called for anti-graft activist Anna Hazare to expose nationwide scams, particularly the electoral bonds issue. Raut referenced reports of Hazare challenging the closure report on the Maharashtra State Cooperative Bank scandal involving Deputy Chief Minister Ajit Pawar. He urged Hazare to protest against corruption at the Ramlila Maidan and criticized the alleged misuse of funds by central agencies benefiting the BJP.
![Need an alternative to electoral bond scheme, black money's impact on polls to rise, says Home Minister Amit Shah](https://img.etimg.com/thumb/msid-110463688,width-100,height-75,resizemode-4/news/politics-and-nation/need-an-alternative-to-bond-scheme-black-moneys-impact-on-polls-to-rise-says-home-minister-amit-shah.jpg)
Need an alternative to electoral bond scheme, black money's impact on polls to rise, says Home Minister Amit Shah
Home Minister Amit Shah expressed concerns that the scrapping of the electoral bond scheme by the Supreme Court could lead to an increase in the influence of black money during the ongoing Lok Sabha elections. He said that an alternative should be debated in Parliament. The debate should involve all stakeholders including political parties, Shah said. He emphasised the need for collective deliberation to decide on a new solution following the court's judgment that the scheme violated constitutional rights.
![Big electoral bond buyer Megha Engineering to sell city gas business](https://img.etimg.com/thumb/msid-110445005,width-100,height-75,resizemode-4/industry/energy/oil-gas/big-electoral-bond-buyer-megha-engineering-to-sell-city-gas-business.jpg)
Big electoral bond buyer Megha Engineering to sell city gas business
Megha City Gas Distribution (MCGDPL), a wholly-owned subsidiary, has decided to consolidate operations and reached out to state-run Indian Oil Corp, Hindustan Petroleum Corp, Bharat Petroleum Corp and Indraprastha Gas, among other players. It ventured into city gas distribution under the brand name Megha Gas in 2015 and continued to operate as MEIL till FY22.
!["Intellectual property of the bank": SBI once again refuses to disclose SOPs on sale, redemption of electoral bonds](https://img.etimg.com/thumb/msid-110286869,width-100,height-75,resizemode-4/news/elections/lok-sabha/india/intellectual-property-of-the-bank-sbi-once-again-refuses-to-disclose-sops-on-sale-redemption-of-electoral-bonds.jpg)
"Intellectual property of the bank": SBI once again refuses to disclose SOPs on sale, redemption of electoral bonds
In response to a Right to Information Act appeal, State Bank of India (SBI) has again refused to disclose the standard operating procedures (SOPs) for the sale and redemption of electoral bonds. SBI justified the denial by stating that the information is held in "commercial confidence," constitutes the bank's "intellectual property," and is intended solely for internal staff use.
![Electoral Bonds: CJI to take call on listing of plea seeking SIT probe into quid pro between corporates and political parties](https://img.etimg.com/thumb/msid-110105843,width-100,height-75,resizemode-4/news/politics-and-nation/ngos-seek-listing-in-sc-of-pil-for-court-monitored-sit-probe-into-electoral-bonds-scheme.jpg)
Electoral Bonds: CJI to take call on listing of plea seeking SIT probe into quid pro between corporates and political parties
Two NGOs have requested the Supreme Court to consider their PIL for a court-monitored investigation into alleged quid pro quo involving political parties, corporations, and investigative agencies in the electoral bonds scheme. The Court acknowledged the plea and assured it would be listed for an early hearing, following the recent scrapping of the electoral bonds scheme by a Constitution bench.
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Electoral bonds: Plea in SC seeks SIT probe into alleged quid pro quo between parties, corporates
A petition filed in the Supreme Court demands an SIT probe into alleged quid pro quo arrangements between corporates and political parties through electoral bonds. NGOs Common Cause and CPIL seek investigation into funding sources of shell companies, loss-making firms, alleging involvement of officials and agencies. The plea follows the court's February verdict against anonymous electoral bonds.
BJP received Rs 60 crore in electoral bonds, no action by ED: AAP alleges discrepancy
AAP's Sanjay Singh criticized the Enforcement Directorate (ED) for allegedly failing to take action against the BJP for receiving electoral bonds from a liquor scam accused. Singh highlighted donations made by the accused to the BJP and questioned the disparity in treatment between AAP and BJP leaders.
From Ponnuswami case to Electoral Bond verdict: How the Supreme Court shaped India's democracy
From interpreting laws to ensuring transparency, India's judiciary has significantly influenced the country's electoral landscape through key legal decisions over the years, impacting processes before, during, and after general elections.
"Congress manifesto is regressive while ours...": Rajnath Singh
Defense Minister Rajnath Singh criticized Congress's manifesto as regressive, contrasting it with the upcoming progressive BJP manifesto. He highlighted the differences in minority appeasement approaches and addressed Congress's promises regarding reservations and caste census.
SBI refuses to disclose electoral bonds' details under RTI Act
RTI activist Commodore (retired) Lokesh Batra approached the SBI on March 13 seeking the complete data of the electoral bonds in the digital form, as provided to the EC after the Supreme Court's order.
SBI refuses to disclose SOP for sale, redemption of electoral bonds in RTI reply
In its landmark verdict on February 15, the court scrapped the Centre's electoral bonds scheme that allowed anonymous political funding, calling it "unconstitutional", and ordered disclosure by the EC of the donors, the amounts donated by them and the recipients by March 13.
Election Commission publishes electoral bond data with alpha-numeric bond numbers on website
A fresh data set of electoral bonds, includes their alpha-numeric numbers that can help match their purchasers with the political parties that received the funds. Two separate lists of the donors and the recipients were published by the poll panel on its website after the details were submitted to it by the State Bank of India earlier in the day as per a Supreme Court order.
SBI complies with SC order, gives EC alphanumerical data on electoral bonds
State Bank of India submits compliance affidavit to Supreme Court, confirming submission of electoral bond details to Election Commission. CMD Dinesh Khara assures all relevant information provided, excluding KYC details for security. The affidavit emphasizes adherence to court orders on non-disclosure of complete account numbers and KYC information.
"Don't be selective, disclose all details": SC asks SBI to share electoral bonds' serial numbers
ELECTORAL BONDS CASE: The Supreme Court directed the State Bank of India to fully disclose details of electoral bonds, including alphanumeric codes linking donors to political parties, emphasizing transparency. The Court also instructed the bank to file an affidavit confirming no information suppression. The Central government defended the bonds as a measure to counter black money.
The curious case of Rs 1,000 electoral bonds: Many opted for smallest EBs, including FMCG major ITC
From April 16, 2019, to January 10, 2024, a total of 132 Rs 1,000 bonds - the smallest electoral bonds - were purchased. Despite their count, Rs 1,000 bonds represent a minuscule fraction compared to the Rs 12,769 crore worth of bonds purchased in the same duration.
Why withhold info that links electoral bond donor, beneficiary: SC to SBI
Electoral bonds: SBI to respond Monday on why it didn’t disclose unique IDs SBI, the sole issuer, faced scrutiny for not revealing the unique IDs, as directed by the top court.
Electoral bonds saga: SC pulls up SBI for not sharing unique serial number on poll bonds, issues notice
The Indian Supreme Court criticized the State Bank of India for withholding unique serial numbers of banned electoral bonds, revealed recently. The court demanded clarification, issuing a notice to SBI, mandating a response by March 18, emphasizing transparency concerns surrounding the electoral bond scheme.
What EC Electoral Bonds data may expose, and the veiled realities within
The Supreme Court had set a deadline for the State Bank of India (SBI) to provide important details regarding electoral bonds (EB) to the Election Commission (EC) by March 12. This includes the purchase date, purchaser's name, and amount of each bond. Additionally, the EC and SBI are required to upload their data on EB contributions to political parties. While this move aims to consolidate EB-related information, it may not fully address the issue of undisclosed corporate donors.
Electoral Bonds case: SBI must comply with SC directive tomorrow or face contempt charges: HP Ranina
The Supreme Court has ordered SBI to provide data for the electoral bond case by March 12. Failure to comply may result in contempt charges. If they do not comply with this order of 12th March, then obviously some action will be taken by the Supreme Court tomorrow. SBI should show their compliance and request more time if needed.
Electoral Bonds Case: Congress hails SC order on SBI extension plea, says court protected Indian democracy
Congress party leader KC Venugopal has praised the Supreme Court's decision to reject SBI's request for an extension to disclose details about electoral bonds until June 30, 2024.
Electoral bonds: SC dismisses SBI's plea for extension, seeks details by tomorrow
The Supreme Court dismissed the State Bank of India's plea for an extension until June 30 to disclose details of electoral bonds. The court ordered the SBI to provide details by March 12. Harish Salve, representing the SBI, cited the complexity of matching donor details with political parties.
Electoral bonds: Supreme Court to hear on Monday SBI's plea seeking extension to disclose details
The Supreme Court is set to hear an application from the State Bank of India (SBI) on Monday, seeking an extension until June 30 to disclose details of each electoral bond encashed by political parties before the scheme's recent cancellation.
Electoral bonds: SC to hear on Mar 11 SBI's plea seeking extension of time to disclose details
The State Bank of India (SBI) has sought an extension until June 30 to disclose details of electoral bonds, as the Supreme Court hears its application. The SBI claims that decoding the bonds to match donors to donations is complex, requiring time to retrieve information from separate data silos. The bank argues that donors' anonymity was preserved through stringent measures.
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