The Centre on Tuesday announced that electoral bonds will be issued by the State Bank of India’s 29 authorised branches across the country from July 1-10.
The Electoral Bonds would 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, an official release said. The Electoral Bond deposited by an eligible Political Party in its account shall be credited on the same day, the release added.
The Electoral Bonds can be encashed by an eligible Political Party only through a Bank account with the Authorized Bank.
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 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, would be eligible to receive the Electoral Bonds, the release added.
Electoral Bonds may be purchased by a person who is a citizen of India or those incorporated or established in India.