Amid Gujarat elections, the government on Saturday approved the issuance of 24th tranche of electoral bonds that will go up for sale on December 5. The Finance Ministry also authorised the State Bank of India (SBI) to issue and encash electoral bonds through 29 branches between December 5-12.
“State Bank of India (SBI), in the XXIV Phase of sale, has been authorised to issue and encash Electoral Bonds through its 29 Authorized Branches (as per list enclosed) w.e.f. 05.12.2022 to 12.12.2022,” said the finance ministry statement.
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SBI branches authorised to issue and encash include those in Lucknow, Shimla, Dehradun, Kolkata, Guwahati, Chennai, Patna, New Delhi, Chandigarh, Srinagar, Gandhinagar, Bhopal, Raipur, and Mumbai.
Only SBI, the country’s largest public sector bank, is authorised to issue electoral bonds.
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. A person being an individual can buy Electoral Bonds, either singly or jointly with other individuals. Only the political parties registered under Section 29A of the Representation of the People Act, 1951 (43 of 1951) and which secured not less than one per cent of the votes polled in the last General Election to the House of the People or the Legislative Assembly of the State, are eligible to receive funds through Electoral Bonds.
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The Electoral Bonds canab be encashed by an eligible political party only through a bank account with the Authorised Bank.
The Electoral Bonds are valid for fifteen calendar days from the date of issue and no payment shall be made to any payee Political Party if the Electoral Bond is deposited after expiry of the validity period. The Electoral Bond deposited by an eligible Political Party in its account shall be credited on the same day.
