Centre Authorises SBI to Issue, Encash Electoral Bonds Through 29 Branches From Dec 5-12

As per the Centre’s notificaton, Moreover, the Electoral Bonds will be encashed by an eligible political party only through a bank account with the authorized bank.

New Delhi: The Ministry of Finance on Saturday said it has authorised State Bank of India, in the 24th phase of sale, to issue and encash Electoral Bonds through its 29 authorized branches from December 5-12.

The Centre had issued a notification regarding Electoral Bond Scheme 2018 on 2 January 2018 (as amended vide Gazette Notification dated 7th November, 2022). As per provisions of the Scheme, Electoral Bonds may be purchased by a person (as defined in item No. 2 (d) of Gazette Notification), who is a citizen of India or incorporated or established in India.

State Bank of India (SBI), in the 24th phase of sale, has been authorised to issue and encash Electoral Bonds through its 29 authorized branches from 5th to 12th December: Ministry of Finance

— ANI (@ANI) December 3, 2022

As per the notification, a person can buy Electoral Bonds, either singly or jointly with other individuals.

The notification further stated that 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.

Moreover, the Electoral Bonds will be encashed by an eligible political party only through a Bank account with the Authorized Bank.

The Ministry of Finance in the notification stated that the Electoral Bonds will be valid for fifteen 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 expiry of the validity period.

“The Electoral Bond deposited by an eligible political party in its account shall be credited on the same day,” it added.