New Delhi : The State Bank of India (SBI) has been authorised to issue and encash electoral bonds through its 29 authorised branches in state capitals with effect from January 2 to January 11.
“Electoral bonds shall be valid for 15 calendar days from the date of issuance and no payment shall be made to any payee political party if the electoral bond is deposited after expiry of the validity period. Electoral bond deposited by an eligible political party in its account shall be credited on the same day,” said a Finance Ministry statement.
The Government of India had notified the Electoral Bond Scheme in January 2018, which was then amended in November 2022.
Under the scheme’s terms, any individual (as specified in Gazette Notification item No. 2(d)) who is an Indian citizen or who has been incorporated or established in India may purchase electoral bonds. Individuals have the option to purchase electoral bonds alone or in conjunction with other people.
To be eligible to receive electoral bonds, political parties must be registered under Section 29A of the Representation of the People Act, 1951, and must have received at least 1% of the votes cast in the most recent general or assembly elections.
The electoral bonds shall be encashed by an eligible political party only through a bank account with an authorised bank, the official statement added.
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