Centre Approves Electoral Bonds Sale And Issuance

The government on Saturday gave permission to issue the 24th installment of Electoral or Electoral Bonds used to donate to political parties. They will be sold from December 5. The second phase of Gujarat assembly elections is also to be held on the same day.

Electoral bonds can be purchased till December 12

The Finance Ministry said in a statement that the sale of electoral bonds will start from December 5. These bonds can be purchased from 29 authorized branches of State Bank of India till December 12. The 23rd installment of Electoral Bonds was opened from 9 to 15 November.

The first installment of Electoral Bonds was sold from March 1-10, 2018.
For giving donations to political parties, the system of issuing electoral bonds was implemented as an alternative to cash. Bonds can be bought by any Indian citizen or company established in India. The first installment of Electoral Bonds was sold from March 1-10, 2018.

Electoral bonds can be purchased and encashed from 29 branches of SBI including Lucknow, Shimla, Dehradun, Kolkata, Guwahati, Chennai, Patna, New Delhi, Chandigarh, Srinagar, Gandhinagar, Bhopal, Raipur and Mumbai. The validity of an electoral bond will be 15 days from the date of issue. Political parties will not be able to get any payment if the bonds are deposited in the authorized branches after the expiry of the validity period. Registered parties that have secured at least one percent of the votes in the last Lok Sabha election or state assembly election are eligible to receive donations through electoral bonds.

What are electoral bonds

The Modi government had issued bonds in 2018 to raise funds on behalf of political parties, which are called electoral bonds. The government started it with the claim that it would increase transparency in political funding. You can donate to the party of your choice through this bond. In this, individuals, corporates and institutions can buy these bonds and political parties get money by redeeming these bonds in the bank. Banks sell electoral bonds only to customers whose KYC will be verified. The name of the donor is not mentioned on the bond and it is kept secret.

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