SBI to issue and encash electoral bonds from Oct 1 to 10, says FinMin

These bonds will be issued at 29 authorised branches of State Bank of India

The finance ministry on Thursday said that State Bank of India, the country’s largest lender, was authorised to issue and encash electoral bonds with effect from October 1 to 10. These could be done at 29 of the bank’s authorised branches.

According to the provisions of the Electoral Bond scheme notified in January this year, these bonds could be purchased by a person who is a citizen of India or an entity incorporated or established in India. An individual can buy electoral bonds either singly or jointly with other individuals. 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 previous Lok Sabha or Assembly election are eligible to receive the electoral bonds.

“The electoral bonds shall be encashed by an eligible political party only through a bank account with the authorised bank,” the department of economic affairs, under the finance ministry, said in a press release on Thursday.

Electoral bonds will be valid for 15 calendar days from the date of issue and no payment will be made to any payee political party if the bond is deposited after the expiry of the validity period. The bond deposited by an eligible political party in its account is credited on the same day.