New Delhi – In preparation for the upcoming assembly elections in five states, the Indian government has given the green light for the issuance of the 29th tranche of electoral bonds. These electoral bonds will be available for sale starting from November 6. This decision comes amidst the ongoing campaign for the assembly elections in Rajasthan, Madhya Pradesh, Chhattisgarh, Telangana, and Mizoram, with the elections taking place from November 7 to 30. The results will be announced on December 3.
Electoral bonds have been introduced as an alternative to cash donations made to political parties in order to promote transparency in political funding. The Government of India has authorized the State Bank of India (SBI) to issue and encash these electoral bonds through its 29 authorized branches from November 6 to 20, 2023.
The first batch of electoral bonds went on sale in March 2018. Only eligible political parties can encash these bonds through a bank account with the authorized bank, and SBI is the only authorized bank to issue them. The authorized SBI branches include those located in Bengaluru, Lucknow, Shimla, Dehradun, Kolkata, Guwahati, Chennai, Patna, New Delhi, Chandigarh, Srinagar, Gandhinagar, Bhopal, Raipur, and Mumbai.
The finance ministry has stated that electoral bonds will be valid for 15 calendar days from the date of issue. If the bond is deposited after the expiry of this period, no payment will be made to the respective political party. However, if an eligible political party deposits the electoral bond into their account, it will be credited on the same day.
Indian citizens or entities incorporated or established in the country are eligible to purchase electoral bonds. Additionally, registered political parties that have secured at least 1% of the votes polled in the last Lok Sabha or legislative assembly elections are eligible to receive funding through these electoral bonds.
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