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SBI to issue second tranche of Electoral bonds from May 1

By TIOL News Service

NEW DELHI, APRIL 24, 2018: The Government today said that the State Bank of India (SBI) has been authorised to issue and encash the 3rd phase of sale Electoral Bonds from May 1 to May 10, 2018 through its 11 Authorised branches. The 11 specified SBI branches are in cities like New Delhi, Gandhinagar, Chandigarh, Bengaluru, Bhopal, Mumbai, Jaipur, Lucknow, Chennai, Kolkata and Guwahati.

The Electoral Bonds shall be valid for fifteen 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 Governmanet has notified the Electoral Bond Scheme 2018 vide Gazette Notification No. 20 dated January 2, 2018. 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. A person being an individual can buy Electoral Bonds, either singly or jointly with other individuals. Only the registered Political Parties securing 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 shall be encashed by an eligible Political Party only through a bank account with the authorized bank.


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