The third tranche of electoral bonds, aimed at making poll-funding transparent, will be sold at 11 branches of State Bank of India (SBI) from May 1 to May 10, the government said on Tuesday.
The third tranche of electoral bonds, aimed at making poll-funding transparent, will be sold at 11 branches of State Bank of India (SBI) from May 1 to May 10, the government said on Tuesday. The electoral bonds will be available at 11 branches of the bank. The poll-related funding can be done by purchasing these bonds but only through bank accounts meeting all KYC norms. The bonds will not name the donor or the receiving political party.
“State Bank of India (SBI), in the 3rd phase of sale, has been authorised to issue and encash Electoral Bonds through its 11 Authorised Branches (as per list enclosed) w.e.f. 01.05.2018 to 10.05.2018,” the Finance Ministry said in a statement. The electoral bonds will be sold at main branches of SBI in New Delhi, Mumbai, Kolkata and Chennai, apart from seven other branches across Gujarat, Haryana, Punjab, Karnataka, Madhya Pradesh, Rajasthan, Uttar Pradesh and Assam for a period of 10 days.
“The bonds will be valid for fifteen 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 Finance Ministry added.
The Electoral bonds can be purchased by a citizen of India or incorporated or established in India. Any person eligible to purchase electoral bonds can do it either singly or jointly with other individuals. Only the political parties which are registered under the section 29A of the Representation of the People Act, 1951 are eligible to receive the bonds.
In the Budget 2018, Finance Minister Arun Jaitley had announced the introduction of electoral bonds with an aim to bring transparency in the political funding. Unlike regular debt, these Electoral Bonds are interest-free debt instruments.