The 29th tranche of election bonds goes on sale

 The 29th tranche of election bonds goes on sale

The 28th phase of electoral bonds, which went on sale on October 4, was just a month or so earlier than this round.

On Monday, in the middle of assembly elections in five states—Rishikesh, Madhya Pradesh, Chhattisgarh, Telangana, and Mizoram—the 29th tranche of electoral bonds went on sale.

The 28th phase of electoral bonds, which went on sale on October 4, was just a month or so earlier than this round.

The most recent round of electoral bonds was authorized by the government to be issued, after the Supreme Court's decision to withhold judgment on a number of petitions contesting the legality of the electoral bonds program for financing political parties.

Chief Justice D Y Chandrachud, Justices Sanjiv Khanna, B R Gavai, J B Pardiwala, along with Manoj Misra make up the five-judge constitution bench. On October 31, the bench began hearing arguments on four petitions, including ones from Congressman Jaya Thakur, the Communist Party of India (Marxist), and the non-governmental organization Association for Democratic Reforms (ADR).

Following a thorough hearing on the case, the Supreme Court set aside its decision until November 2. The administration announced the issuing of the most recent tranche of electoral bonds two days later.

Note that November 7 is scheduled for Mizoram and the first round of the Chhattisgarh assembly votes. All five of these states would conclude voting on November 30. Votes would then be counted on December 3.

In an attempt to increase openness in political fundraising, the government announced the Electoral Bonds program on January 2, 2018, offering it as a substitute for financial contributions to political parties.

"Government of India granted permission for State Bank of India (SBI), in the XXIX Phase of sale, to distribute as well as encash Electoral Bonds through its 29 Authorised Branches w.e.f. November 6-20, 2023," a statement from the finance ministry said.

An qualified political party may only cash electoral bonds via an account with an authorized bank. The only bank that is permitted to issue electoral bonds is SBI.

Bengaluru, Lucknow, Shimla, Dehradun, Kolkata, Guwahati, Chennai, Patna, New Delhi, Chandigarh, Srinagar, Gandhinagar, Bhopal, Raipur, as well as Mumbai are among the authorized SBI branches.

The finance ministry further said that electoral bonds have a 15-day validity limit from the date of issuance and that if they are deposited beyond that time, no payment would be made to the political party that is the payee. "The electoral bond submitted by an eligible political party in the party's account shall be credited on the same day," it said.