May 30, 2023 14:35 (IST)
Follow us:
facebook-white sharing button
twitter-white sharing button
instagram-white sharing button
youtube-white sharing button
US reaches debt ceiling deal amid a looming financial crisis | Turkey election: Erdogan declares victory in runoff voting | PM Modi unveils commemorative stamp and Rs 75 coin to mark the inauguration of new Parliament building | 'Rahul Gandhi can get ordinary passport for 3 years and not 10': Delhi court | Abhishek Banerjee's mass outreach programme faces violent protest by Kurmi community in Bengal's Salboni
Electoral bonds to be sold at authorised branches of SBI ElectoralBonds
Image Credit: UNI (File image)

Electoral bonds to be sold at authorised branches of SBI

India Blooms News Service | @indiablooms | 31 Mar 2023, 11:59 pm

New Delhi/IBNS: The Finance Ministry on Friday announced that the State Bank of India (SBI) will distribute and redeem electoral bonds through its 29 authorised branches from April 3 to April 12.

“State Bank of India (SBI), in the XXVI Phase of sale, has been authorised to issue and encash Electoral Bonds through its 29 Authorized Branches (as per list enclosed below) w.e.f. 03.04.2023 to 12.04.2023,“ the ministry said in a statement.

These Electoral Bonds shall be valid for fifteen calendar days from the date of issue. No payment shall be made to any payee political party if the bond is deposited after the expiry of the validity period. Electoral bond deposited by an eligible political party in its account shall be credited on the same day, the ministry said.

The government has notified the Electoral Bond Scheme in 2018. As per provisions of the Scheme, Electoral Bonds may be purchased by a person, who is a citizen of India or incorporated or established in India.

An individual can buy electoral bonds, either on its own or jointly with others. Only political parties registered under Section 29A of the Representation of the People Act, 1951 (43 of 1951) and which secured not less than 1% of the votes polled in the last general election to parliament, or to a state legislative assembly, shall be eligible to receive the Electoral Bonds.

The electoral bonds shall be encashed by an eligible political party only through a bank account with the authorised bank.