Sale of 26th tranche of electoral bonds commences today through SBI branches
- The bonds were introduced in India to cleanse the political funding system.
The State Bank of India (SBI) has been authorized to issue Electoral Bonds through its 29 branches, starting today and the sale will continue till April 12.
The bonds were introduced in India to cleanse the political funding system. The 26th tranche of sales is being issued ahead of the Karnataka assembly polls, which are scheduled for a single phase on May 10.
The bonds are available for purchase for a period of 10 days each in the months of January, April, July and October, as may be specified by the central government.
As per provisions, Electoral Bonds can be purchased for 10 days in January, April, July, and October, as determined by the central government, and can only be bought by citizens or entities established in India. Individuals can purchase the bonds alone or jointly with others, as per the provisions.
The Electoral Bonds have a validity period of fifteen calendar days from the issue date. If the bond is deposited after the expiry of the validity period, no payment shall be made to any payee Political Party.
Once an eligible Political Party deposits the bond in its account, it is credited on the same day. The government introduced the Electoral Bond Scheme on January 2, 2018.
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First Published:3 Apr 2023, 11:29 AM IST
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