State Bank of India has been authorized to issue and encash Electoral Bonds through its 29 authorized branches.
The Ministry of Finance said the Electoral Bonds shall be valid for fifteen calendar days from the date of issue. 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.
The Electoral Bond Scheme was introduced in 2018 as an alternative to cash donations made to political parties
The electoral bonds can be purchased by Indian citizens. A person can buy Electoral Bonds, either singly or jointly with other individuals. Only the political parties, which secured not less than 1% of the votes polled in the last general election or a legislative assembly, are 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 Gujarat assembly elections will be held in two phases on 1 and 5 December, while Himachal Pradesh will go to polls on 12 November.
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