• The Finance Ministry has authorized the country's top lender State Bank of India (SBI) to issue and encash electoral bonds.
The 24th tranche of Electoral Bonds will open for sale today, 5th December. The bond sale coincides with the second phase of the Gujarat Assembly elections to be held on December 5.
The Finance Ministry has authorized the country's top lender State Bank of India (SBI) to issue and encash electoral bonds through 29 authorized branches from December 5-12.
What are Electoral Bonds?
Notified in 2018, electoral bonds have been introduced as an alternative to cash donations made to political parties as part of efforts to bring transparency in political donations.
These bonds can be purchased by a person who is a citizen of India or incorporated or established in India.
validity of electoral bonds
The Electoral Bond will be valid for 15 days from the date of issue. No payment will be made to any political party if the bond is deposited after the expiry of the validity period.
Electoral Bonds are available for sale at these 29 SBI branches
SBI is the only authorized bank to issue Electoral Bonds. The authorized SBI branches include Lucknow, Shimla, Dehradun, Kolkata, Guwahati, Chennai, Patna, New Delhi, Chandigarh, Srinagar, Gandhinagar, Bhopal, Raipur and Mumbai.
The last tranche (23rd tranche) of Electoral Bonds was open for subscription between November 9-15, 2022. The first batch of Electoral Bonds was sold from March 1-10, 2018.
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