29 SBI branches to issue electoral bonds from Nov 9 to 15

New Delhi [India], November 7 (ANI): The Finance Ministry on Monday said the State Bank of India (SBI) had been authorized to issue and encash electoral bonds through its 29 authorised branches from November 9 to 15.

"The State rBank of India (SBI), in the XXIII Phase of sale, has been authorised to issue and encash Electoral Bonds through its 29 authorized branches (as per list enclosed) w.e.f. 09.11.2022 to 15.11.2022," the ministry said.

The Finance Ministry said the electoral bonds shall be valid for 15 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 the 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 government notified the Electoral Bond Scheme in 2018. As per provisions, electoral bonds may be purchased by a person, who is a citizen of India or incorporated or established in India.

The statement also said a person being an individual could 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, shall be eligible to receive the electoral bonds," it added. (ANI)

Source: National