New Delhi, April 01 (IANS) The State Bank of India (SBI) has been authorised by the government to issue and encash electoral bonds through its 29 authorised branches across the country from April 3 till April 12.
According to a Finance Ministry notification issued on Friday, the electoral bonds will be valid for 15 days from the date of issue and no payment will be made to any payee political party if the bond is deposited after expiry of the validity period.
The electoral bond deposited by an eligible political party in its account can be credited on the same day.
The government had notified the electoral bond scheme on January 2, 2018 and as per its provisions, electoral bonds can 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.
Also, only political parties registered under Section 29A of the Representation of the People Act, 1951 (43 of 1951) and which have secured not less than one per cent of the votes polled in the last general election to the Parliament or state assemblies, are eligible to receive the electoral bonds.
The bonds can be encashed by an eligible political party only through a bank account with the authorised bank.