Election bonds have been touted as an alternative to cash donations to political parties as part of efforts to ensure transparency in political funding. However, opposition parties have raised concerns about the alleged opacity of funding through these bonds.
“The State Bank of India (SBI), in the 17th phase of sale, has been authorized to issue and cash election bonds through its 29 authorized branches with effect from July 1 to 10, 2021,” the ministry said. of Finance in a press release.
The specified 29 SBI branches are located in cities such as Kolkata, Guwahati, Chennai, Thiruvananthapuram, Patna, New Delhi, Chandigarh, Shimla, Srinagar, Dehradun, Gandhinagar, Bhopal, Raipur, Mumbai and Lucknow.
The sale of the first batch of election bonds took place from March 1 to 10, 2018. The 16th tranche of the bond sale took place from April 1 to 10, 2021.
Depending on the provisions of the scheme, election bonds can be purchased by a person who is an Indian citizen or entities incorporated or established in the country. Registered political parties which obtained at least one percent of the votes cast in the last election of Lok Sabha or a Legislative Assembly are eligible to receive electoral bonds.
SBI is the only bank authorized to issue such bonds.
The electoral deposit will be valid for 15 days from the date of issue. No payment would be made to a recipient political party if a bond was posted after its validity period expired, the statement said.
A bond posted by any eligible political party in their account would be credited on the same day. PTI DP RC
Warning :- This story has not been edited by Outlook staff and is auto-generated from news agency feeds. Source: PTI