India

SBI Bhubaneswar Among 29 Authorised Branches To Issue Electoral Bonds From Today

By
OB Bureau

New Delhi: Ahead of assembly elections in five states, the Centre has allowed the State Bank of India (SBI), in the XXIX Phase of sale, to issue and encash electoral bonds through its 29 authorised branches, including Bhubaneswar Main Branch, from November 6 to November 20.

“The electoral bonds shall be valid for 15 calendar days from the date of issue and no payment shall be made to any payee political party if the electoral bonds are 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,” a notification issued by the Finance Ministry said on Saturday.

The electoral bonds will be encashed by an eligible political party only through a bank account with the authorised bank, it added.

Introduced in 2017, electoral bonds are interest-free bearer bonds and an individual, company, or firm can purchase these from SBI branches after giving the basic KYC details.

Electoral bonds have been pitched as an alternative to cash donations made to political parties as part of efforts to bring transparency to political funding. Registered political parties that have secured not less than 1 per cent of the votes polled in last Lok Sabha or legislative assembly elections are eligible to receive funding through electoral bonds,

OB Bureau

Recent Posts

Scientists Plan To Grow Trees On Mars; Know How

Washington: After the European Space Agency (ESA) discovered liquid water under the southern polar ice…

October 31, 2024

Is Sara Ali Khan Secretly Dating A Model-Turned-Politician?

Mumbai: Sara Ali Khan, known for her bold and flamboyant nature, has often grabbed headlines…

October 31, 2024

Three Injured In Firecracker Blast In Odisha’s Puri

Puri: Three persons including a woman and two boys sustained critical burn injuries in accidental…

October 31, 2024

US Sanctions 19 Indian Firms, 2 Indians For Allegedly ‘Aiding’ Russia In Ukraine War

Washington: In what is unlikely to be music to New Delhi’s ears, the United States…

October 31, 2024

World Cities Day: Bhubaneswar Banks On Heritage & Youthful Culture

As our world rapidly urbanises, cities are becoming home to a new generation of leaders…

October 31, 2024

5 Arrested For Double Murder In Odisha’s Puri Town

Puri: Police have arrested five persons in connection with a double murder in Odisha's Puri…

October 31, 2024

Kartik Aaryan’s ‘Gimmick’ Dig At Salman Khan’s Cameo In ‘Singham Again’

Mumbai: Come Friday, ‘Singham Again’ and ‘Bhool Bhuliayaa 3’ will be fighting for box-office records.…

October 31, 2024

Odisha’s Deputy CM To Go On 7-Day Tour To London

Bhubaneswar: Odisha's Deputy Chief Minister Pravati Parida will go on 7-day tour to London on…

October 31, 2024