New Delhi, Dec 30 (Bureau) Ahead of assembly elections in some states including politically-significant Uttar Pradesh, Finance Ministry on Thursday said that State Bank of India (SBI) has been authorised to issue and encash electoral bonds through its 29 authorised branches during January 1-10, 2022. It said that 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 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 Ministry said. The Government of India has notified the Electoral Bond Scheme 2018. As per provisions of 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 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,” the Finance Ministry statement said. The electoral bonds shall be encashed by an eligible political party only through a bank account with the authorised bank.