SBI to start sale of electoral bonds in three tranches from March ahead of general elections

With the general elections round the corner, the government has authorised State Bank of India to launch the sale of electoral bonds in the months of March, April and May

Press Trust of India February 28, 2019 17:12:24 IST
SBI to start sale of electoral bonds in three tranches from March ahead of general elections
  • The government has authorised State Bank of India to launch the sale of electoral bonds in the months of March, April and May

  • The bonds will be sold in three tranches from 1-15 March, 1-20 April and 6-15 May

  • The general elections are due in April-May

New Delhi: With the general elections round the corner, the government has authorised State Bank of India to launch the sale of electoral bonds in the months of March, April and May.

The government had brought in the electoral bond scheme as an alternative to cash donations made to political parties as part of its efforts to bring transparency in political funding.

"State Bank of India (SBI) has been authorized to issue and encash Electoral Bonds through its 29 Authorised Branches in the months of March, April and May 2019," the Finance Ministry said in a statement.

SBI to start sale of electoral bonds in three tranches from March ahead of general elections

SBI. Representational image. Reuters.

The bonds will be sold in three tranches from 1-15 March, 1-20 April and 6-15 May.

The general elections are due in April-May.

The electoral bonds 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 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 statement said.

The 29 specified SBI branches are in various cities, including New Delhi, Mumbai, Kolkata, Chennai, Gandhinagar, Chandigarh, Ranchi, and Bengaluru.

As per provisions of the scheme, electoral bonds may be purchased by a person, who is a citizen of India or entities incorporated or established in India.

Registered political parties that have secured not less than 1 percent of the votes polled in the last election of the Lok Sabha or legislative assembly will be eligible to receive electoral bonds.

The SBI is the only authorised bank to issue such bonds. A person can buy electoral bonds, either single or jointly, with other individuals

Updated Date:

Find latest and upcoming tech gadgets online on Tech2 Gadgets. Get technology news, gadgets reviews & ratings. Popular gadgets including laptop, tablet and mobile specifications, features, prices, comparison.

also read

Rajinikanth to announce political party on 31 December, launch outfit in January
India

Rajinikanth to announce political party on 31 December, launch outfit in January

In March 2020, Rajinikanth had said had the opportunity in 1996 and did not take it up at 45 years of age and if he did it now, he would be called a fool

Will declare decision 'as soon as possible', says Rajinikanth on entering politics
Politics

Will declare decision 'as soon as possible', says Rajinikanth on entering politics

The top star said he met the district secretaries of his 'Rajini Makkal Mandram' and deliberated the possibility of his political foray on Monday

Pedestrians in Old Delhi happy with Chandni Chowk's redevelopment, shop owners not so much
India

Pedestrians in Old Delhi happy with Chandni Chowk's redevelopment, shop owners not so much

Centuries will now not only co-exist in the market built by Shah Jahan in the 17th century but will also have to compete with each other with the 1.3-kilometre-long stretch set to get its first mall