New Delhi: The government has announced the 11th phase of the sale of electoral on Thursday. The Ministry of Finance said that the sale will open on July 1 and go on till July 10. “State Bank of India (SBI), in the XI Phase of sale, has been authorised to issue and encash electoral bonds through its 29 authorised branches w.e.f. 01.07.2019 to 10.07.2019,” an official press release said.
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29 branches spread across 29 states
The 29 branches are spread across cities including New Delhi, Chandigarh, Shimla, Srinagar, Dehradun, Gandhinagar, Bhopal, Raipur, Jaipur, Mumbai, Panaji, Lucknow and Bhubaneswar, among others. The SBI is the only bank that is authorised to issue such bonds.
Who can buy electoral bonds?
The government notified the Electoral Bond Scheme in January 2018.
As per the provisions of the scheme, electoral bonds may be purchased by a person, who is a citizen of India or entities incorporated or established in India. Registered political parties that have secured not less than 1 per cent of the votes polled in the last election of the Lok Sabha or legislative assembly will be eligible to receive electoral bonds.
The Electoral Bonds shall be encashed by an eligible political party only through a bank account with the authorised bank.
How long are the bonds valid?
Electoral bonds are 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 the expiry of the validity period. The electoral bond deposited by an eligible political party in its account shall be credited on the same day.