In a bid to secure additional time, SBI has filed an urgent plea with the Supreme Court, citing the need for more time to compile and furnish the necessary data.
In an interim order, the apex court also directed all political parties to provide details of the amount of the bond and bank account of donors by May 30 to the poll panel.
Making its submission in this regard to the apex court, the Centre justified why anonymity is a positive step in countering the flow of black money in the system.
The bonds will be sold at main branches of SBI in four metro cities -- New Delhi, Mumbai, Kolkata and Chennai.
Political parties collected over Rs 1,500 crore during the five state assembly elections held last year but spent just Rs 494 crore, according to an analysis by ADR.
The commission had earlier said changes made in the election laws after the introduction of the bonds would compromise transparency in political fundings.
In a Facebook post, Jaitley said the conventional practice of funding the political system was to take donations as well as undertake expenditures in cash.
Finance Minister Arun Jaitley today came out with contours of new 'electoral bonds' that can be bought from specified branches of SBI and used to donate money to political parties.
Jaitley said for the past 70 years, Indian democracy has been funded by "invisible money".
An amendment to the Companies Act of 2013 removes the cap that barred companies from donating more than 7.5 per cent of their average net profit to a political party.
As much as 69 per cent of the total income of six national parties and 48 regional parties in the last 11 years came from unknown sources, according to data collected by the Association for Democratic Reforms (ADR).
Prime Minister Narendra Modi, who has been pitching the need for electoral reforms, on Saturday said the BJP will play a proactive role towards bringing in transparency in political funding. Addressing the Bhartiya Janata Party's
New Delhi: In a strong pitch for bringing about electoral reforms and an overhaul of laws governing political funding in the country, Chief Election Commissioner (CEC) Nasim Zaidi today said that almost eighty per cent of
The declared expenses of political parties for Lok Sabha elections shot up by a whopping 400 per cent over the last decade, says a data analysis by Association for Democratic Reforms.Spending rate exceeded the rate
Reports suggest that only one of the seven electoral trusts formed after January 2013 has submitted details of its donors to the Election Commission despite government guidelines requiring them to do so. This highlights the
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