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  1. The State Bank of India (SBI) has refused to disclose details of buyers of electoral bonds, political parties which have redeemed these and the bank's reports sent to the government on their sales, calling it a personal information held by it in fiduciary capacity exempted from disclosure, an RTI response shows. Mumbai saw maximum enthusiasm among donors to purchase electoral bonds with Rs 122 crore of bonds being sold from the SBI main branch in the maximum city while in April it saw sales of Rs 53 crore, it said. Activist Venkatesh Nayak, who filed the RTI application, contested the response of the SBI stating that denial of information about buyers of electoral bonds and receiving political parties is "patently erroneous". "The CPIO is treating both the buyers of EBs and the political parties as being in a "fiduciary relationship" with SBI! This is in complete violation of the Master Circular issued by the Reserve Bank of India regarding the basis of customer confidentiality. Para #25 of the July 2015 Master Circular," he said. Even worse, is the CPIO's claim that all reports sent to the government and the RBI regarding the sale and redemption of the bonds are also covered by "fiduciary" relationship, he said. The government had notified the Electoral Bond Scheme 2018 on January 2, 2018 which allows a citizen to buy these bonds from the State Bank of India for extending donations to political parties. Confidentiality of Electoral Bonds The information furnished by the buyer shall be treated confidential by the authorised bank and shall not be disclosed to any authority for any purposes, except when demanded by a competent court or upon registration of a criminal case by any law enforcement agency. Here are the details. https://www.nationalconcerns.in/topic/5660-what-is-electoral-bond/#comment-7125 You may also like to read this article Why Election Commission don't like Electoral Bond? https://www.nationalconcerns.in/topic/5662-why-election-commission-dont-like-electoral-bond/?page=0#comment-7126
  2. The State Bank of India (SBI) has refused to disclose details of buyers of electoral bonds, political parties which have redeemed these and the bank's reports sent to the government on their sales, calling it a personal information held by it in ... The State Bank of India (SBI) has refused to disclose details of buyers of electoral bonds, political parties which have redeemed these and the bank's reports sent to the government on their sales, calling it a personal information held by it in fiduciary capacity exempted from disclosure, an RTI response shows. Mumbai saw maximum enthusiasm among donors to purchase electoral bonds with Rs 122 crore of bonds being sold from the SBI main branch in the maximum city while in April it saw sales of Rs 53 crore, it said. Activist Venkatesh Nayak, who filed the RTI application, contested the response of the SBI stating that denial of information about buyers of electoral bonds and receiving political parties is "patently erroneous". "The CPIO is treating both the buyers of EBs and the political parties as being in a "fiduciary relationship" with SBI! This is in complete violation of the Master Circular issued by the Reserve Bank of India regarding the basis of customer confidentiality. Para #25 of the July 2015 Master Circular," he said. Even worse, is the CPIO's claim that all reports sent to the government and the RBI regarding the sale and redemption of the bonds are also covered by "fiduciary" relationship, he said. The government had notified the Electoral Bond Scheme 2018 on January 2, 2018 which allows a citizen to buy these bonds from the State Bank of India for extending donations to political parties. Confidentiality of Electoral Bonds The information furnished by the buyer shall be treated confidential by the authorised bank and shall not be disclosed to any authority for any purposes, except when demanded by a competent court or upon registration of a criminal case by any law enforcement agency. Here are the details. https://www.nationalconcerns.in/topic/5660-what-is-electoral-bond/#comment-7125 You may also like to read this article Why Election Commission don't like Electoral Bond? https://www.nationalconcerns.in/topic/5662-why-election-commission-dont-like-electoral-bond/?page=0#comment-7126 View full entry
  3. A total of 445 bonds amounting to Rs 222 crore were issued in the first tranche in March this year, it came down to 256 bonds and Rs 115 crore in the second tranche and even further down to 204 bonds of Rs 101.40 crore in the third tranche, according to Finance Ministry data given in response to a Right to Information (RTI) request by the paper. “Three tranches of electoral bonds have been issued till May 31, 2018. Electoral bonds would be issued or purchased for any value in multiples of ₹1,000, ₹10,000, ₹1 lakh, ₹10 lakh and ₹1 crore,” the Finance Ministry said, adding that it does not maintain data on the number of bonds purchased in each denomination. Here are the details of Electoral Bonds: https://www.nationalconcerns.in/topic/5660-what-is-electoral-bond/ What is Electoral Bond Electoral bond means a bond issued in the nature of promissory note which shall be a bearer banking instrument and shall not carry the name of the buyer or payee. As a financial instrument, the electoral bond will be a bearer instrument in the nature of a promissory note. This means that the instrument is a certificate to pay a specified amount with the binding date.The State Bank of India authorised to issue and encash the bonds in the branches.
  4. A total of 445 bonds amounting to Rs 222 crore were issued in the first tranche in March this year, it came down to 256 bonds and Rs 115 crore in the second tranche and even further down to 204 bonds of Rs 101.40 crore in the third tranche A total of 445 bonds amounting to Rs 222 crore were issued in the first tranche in March this year, it came down to 256 bonds and Rs 115 crore in the second tranche and even further down to 204 bonds of Rs 101.40 crore in the third tranche, according to Finance Ministry data given in response to a Right to Information (RTI) request by the paper. “Three tranches of electoral bonds have been issued till May 31, 2018. Electoral bonds would be issued or purchased for any value in multiples of ₹1,000, ₹10,000, ₹1 lakh, ₹10 lakh and ₹1 crore,” the Finance Ministry said, adding that it does not maintain data on the number of bonds purchased in each denomination. Here are the details of Electoral Bonds: https://www.nationalconcerns.in/topic/5660-what-is-electoral-bond/ What is Electoral Bond Electoral bond means a bond issued in the nature of promissory note which shall be a bearer banking instrument and shall not carry the name of the buyer or payee. As a financial instrument, the electoral bond will be a bearer instrument in the nature of a promissory note. This means that the instrument is a certificate to pay a specified amount with the binding date.The State Bank of India authorised to issue and encash the bonds in the branches. View full entry
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