Sale of 27th tranche of electoral bonds starts today; set to bring more transparency in political funding
The Indian government has approved the 27th tranche of electoral bonds, which will be available for purchase from July 3.
The government has given its approval for the 27th tranche of electoral bonds, which will be available for purchase from July 3. This decision comes ahead of the upcoming assembly elections in Rajasthan, Madhya Pradesh, Chhattisgarh, Telangana and Mizoram, with the exact poll dates expected to be announced in the coming months.
Electoral bonds have been introduced as an alternative to cash donations made to political parties, aiming to enhance transparency in political funding.
The State Bank of India (SBI) has been authorised to issue and encash these electoral bonds through 29 designated branches from July 3 to July 12, according to a statement from the finance ministry, PTI reported. The initial sale of electoral bonds took place from March 1 to March 10, 2018.
Also Read: SBI revolutionizes transaction banking with 34 new hubs, Dinesh Khara commends remarkable turnaround
The authorised SBI branches, spread across various cities such as Bengaluru, Lucknow, Shimla, Dehradun, Kolkata, Guwahati, Chennai, Patna, New Delhi, Chandigarh, Srinagar, Gandhinagar, Bhopal, Raipur and Mumbai, will facilitate the issuance of these bonds. SBI remains the sole authorised bank to issue electoral bonds.
Each electoral bond will be valid for 15 days from the date of issuance. The statement emphasised that no payment will be made to any political party if the bond is deposited after the expiry of its validity period.
Indian citizens and entities incorporated or established within the country are eligible to purchase electoral bonds. Furthermore, registered political parties that have obtained at least 1% of the votes in the previous Lok Sabha or legislative assembly election are eligible to receive funding through these bonds.
Also Read: From HDFC Bank to SBI, here are India's top 10 biggest banks. Check here
The introduction of electoral bonds aims to introduce a transparent and legitimate channel for political donations. By encouraging individuals and entities to make contributions through these bonds, the government seeks to curb the use of cash donations and enhance accountability in the electoral process.
Catch all the Business News , Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
Business NewsNewsIndiaSale of 27th tranche of electoral bonds starts today; set to bring more transparency in political funding
First Published:3 Jul 2023, 09:53 AM IST
- Top Gainers
- Top Losers
- 52 Week High