Delhi: The State Bank of India (SBI) has been authorised to sell and encash electoral bonds from January 1, a Finance Ministry statement said on Tuesday.
The bonds will be sold through SBI’s 29 authorised branches and the parties can encash them through an account with the bank.
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 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 Government of India has notified the Electoral Bond Scheme 2018 vide Gazette Notification No. 20 on January 2, 2018.
As per provisions of the Scheme, Electoral Bonds may be purchased by a person (as defined in item No. 2 (d) of Gazette Notification), who is a citizen of India or incorporated or established in India.
