New Delhi: The Indian government has given its nod for the 30th tranche of electoral bonds, marking the commencement of its sale starting January 2. This decision aligns with the provisions outlined in the Electoral Bond Scheme 2018, initially notified by the Government of India through Gazette Notification No. 20 on 2nd January 2018, with subsequent amendments incorporated in a Gazette Notification on 7th November 2022.
Under the framework of the scheme, electoral bonds are open for acquisition by Indian citizens or entities incorporated or established within the country. Both individuals, either independently or collaboratively, are eligible to purchase these bonds. However, only political parties registered under Section 29A of the Representation of the People Act, 1951, securing a minimum of one percent of votes in the last General Election, are qualified to receive electoral bonds. Encashment of these bonds can only occur through a bank account with the authorized bank of the eligible political party.
The State Bank of India (SBI), in the XXX Phase of sale, has been entrusted with the responsibility of issuing and encashing electoral bonds through its 29 authorized branches, effective from 2nd January 2024 to 11th January 2024.
Each electoral bond remains valid for fifteen calendar days from the date of issue, and no payment will be facilitated if the bond is deposited after the expiry of this validity period. Eligible political parties can credit the electoral bonds deposited in their accounts on the same day.