Electoral Bonds to be sold at 29 authorized SBI branches


New Delhi: State Bank of India has been authorized to issue and encash Electoral Bonds through its 29 authorized branches during November 9-15, 2022, the Finance Ministry said on Monday.

The Ministry said, “State Bank of India (SBI), in XXIII phase of sale, is authorized to issue and encash Electoral Bonds from 09.11.2022 to 15.11.2022 through its 29 authorized branches (as per list attached) is,” the ministry said. in a statement.

Electoral Bonds shall be valid for fifteen calendar days from the date of issue and no payment shall be made to any recipient political party if the Electoral Bonds are deposited after the expiry of the validity period. The Electoral Bonds deposited in its account by an eligible political party will be deposited on the same day, the ministry said.

The Government of India notified the Electoral Bonds Scheme in 2018.

“The Government of India has notified the Electoral Bonds Scheme 2018 vide Gazette Notification No. 20 dated 2nd January 2018 (as amended vide Gazette Notification dated 7th November, 2022).”

As per the provisions of the scheme, electoral bonds can be purchased by a person, who is a citizen of India or is incorporated or established in India.

A person being an individual can purchase electoral bonds, either singly or jointly with other persons. Only those political parties which are registered under section 29A of the Representation of the People Act, 1951 (43 of 1951) and have secured at least one per cent of the votes in the last general election to the Lok Sabha or the Legislative Assembly. of the state, will be eligible to receive electoral bonds.

Electoral Bonds shall be encashed only through a bank account with an authorized bank by an eligible political party.

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