Thursday, October 6, 2022

Govt announces 12th tranche of sale of electoral bonds

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New Delhi: The government has notified the 12th phase of the sale of electoral bonds on Monday. In an official press release, the Ministry of Finance said that the sale will open on October 1 and go on till October 10. “State Bank of India (SBI), in the XII Phase of sale, has been authorised to issue and encash Electoral Bonds through its 29 Authorized Branches ( as per list enclosed) wef 01.10.2019 to 10.10.2019,” the press release said.

The government had launched the 11th tranche of electoral bond sale in June earlier this year.

What is an electoral bond?

As per the 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. A person being an individual can buy a bond, either singly or jointly with other individuals.
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Who can receive electoral bonds?

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 1 percent 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 bonds. The bonds shall be encashed by an eligible political party only through a bank account with the authorised bank.

‘Electoral bonds to be valid for 15 days from date of issue’

“It may be noted that 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 electoral 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,” the statement said.

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