Finance Ministry of India set to launch the 11th tranche of Electoral Bonds sale to start from July 1 – 10. India’s largest Public Sector Bank (PSB) State Bank of India (Sal) authorized to issue and encash electoral bonds in the Xl phase of the sale. It is carried out through its 29 branches. This is the first issuance of electoral bonds.
About electoral bonds:
Transparency in political funding, electoral bonds are alternative to cash donations made to political parties. These were introduced in 2018 through the Electoral Bond Scheme by government. Electoral bonds purchased by a person is a citizen of India or entities incorporated or established in India. Registered political parties that have secured not less than 1% of the votes polled in the last election of the Lok Sabha or legislative assembly.
The electoral bonds will be valid for 15 calendar days. The payment will be made to any payee political party if the bond is deposited after the expiry of the validity period. The electoral bond deposited by an eligible political party.