Govt notifies sale of electoral bonds from Oct 1-10

Govt notifies sale of electoral bonds from Oct 1-10

Agency News

New Delhi, Sep 27: The Government on Thursday said the fifth phase of electoral bonds would start from October 1 to 10, this year.

The Government has notified the Electoral Bond Scheme in January this year under which the State Bank of India has been made an authorized bank only to issue or encash the electoral bonds through its 29 branches, including New Delhi, Chandigarh, Shimla, Srinagar, Dehradun, Lucknow, Visakhapatnam and Telangana among others.

The electoral bonds are seen as an alternative to cash donations made to political parties and bring transparency in political funding.

Under 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 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, shall be eligible to receive the electoral bonds.

The electoral bonds shall be valid for 15 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.

The sale of first batch of electoral bonds took place between March 1 and March 10, 2018. The second phase was launched on April 2 till April 10. The third phase took place during May 1-10 while the fourth phase was between July 2 and July 11. (UNI)