ElectoralBonds 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.
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