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Business News/ News / India/  Next tranche of electoral bonds to open on October 4
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Next tranche of electoral bonds to open on October 4

The announcement comes ahead of assembly elections in Rajasthan, Madhya Pradesh, Chhattisgarh, Telangana and Mizoram which are expected to be held later this year

Next tranche of electoral bonds to open on October 4, pic by hemant Mishra/mintPremium
Next tranche of electoral bonds to open on October 4, pic by hemant Mishra/mint

New Delhi: The union government on Friday approved the issuance of the 28th tranche of electoral bonds that will open on October 4 for a period of 10 days.

The announcement comes ahead of assembly elections in Rajasthan, Madhya Pradesh, Chhattisgarh, Telangana and Mizoram which are expected to be held later this year.

A finance ministry statement said that the State Bank of India (SBI), has been authorised to issue and encash electoral bonds through its 29 authorised branches. The authorised SBI branches are in the cities of Bengaluru, Lucknow, Shimla, Dehradun, Kolkata, Guwahati, Chennai, Patna, New Delhi, Chandigarh, Srinagar, Gandhinagar, Bhopal, Raipur, and Mumbai.

“The electoral bonds shall be valid for fifteen calendar days from the date of issue and no payment shall be made to any payee political party if the electoral bond is deposited after expiry of the validity period. The electoral bond deposited by an eligible political party in its account shall be credited on the same day," it said.

According to the government, electoral bonds are a better and transparent alternative to cash donations made towards political parties and it would help in bringing transparency in political funding.

As per provisions of the Electoral Bond Scheme 2018, electoral bonds may be purchased by a citizen of India or an organization incorporated or established in India. A person being 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 last General Election to the House of the People or the Legislative Assembly of the State, shall be 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 statement said.

The sale of the first batch of electoral bonds happened in March 2018.

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Published: 29 Sep 2023, 09:09 PM IST
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