SBI Main Branch In Bhubaneswar Authorised To Sell Electoral Bonds From This Date

Bhubaneswar: The main branch of State Bank of India (SBI), here has been authorised to sell Electoral Bonds from April 1 to 10.

The Ministry of Finance has authorised 29 branches of the SBI across the country to sell the Electoral Bonds which will be valid for 15 calendar days from the date of issue and no payment will 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 will be credited on the same day, according to a release of the ministry.

As per provisions of the scheme, Electoral Bonds may be purchased by a person who is a citizen of India or incorporated or established in India. Only the political parties registered under 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, shall be eligible to receive the Electoral Bonds.

The Electoral Bonds can be encashed by the political party only through a bank account with the authorised bank.