Ahead of Assembly elections in Gujarat and Himachal Pradesh, the federal government on November 7 permitted the issuance of the twenty third tranche of electoral bonds that may open on the market on November 9.
The Gujarat election can be held in two phases on December 1 and 5, whereas Himachal Pradesh will go to polls on November 12.
Electoral bonds have been pitched as an alternative choice to money donations made to political events as a part of efforts to convey transparency in political funding.
The State Bank of India (SBI), within the twenty third section of sale, has been authorised to problem and encash electoral bonds by way of 29 authorised branches from November 9-15, the Finance Ministry mentioned in an announcement.
Usually, electoral bond tranches are open on the market between 1-10 of a delegated month. For occasion, the twenty second tranche of bond gross sales occurred from October 1-10, 2022 whereas twenty first tranche was from July 1-10, 2022.
Sale of the primary batch of electoral bonds occurred from March 1-10, 2018.
The authorised SBI branches embrace these in Lucknow, Shimla, Dehradun, Kolkata, Guwahati, Chennai, Patna, New Delhi, Chandigarh, Srinagar, Gandhinagar, Bhopal, Raipur, and Mumbai.
The SBI is the one authorised financial institution to problem electoral bonds.
An electoral bond can be legitimate for 15 days from the date of issuance. No cost could be made to any political celebration if the bond is deposited after expiry of the validity interval, the assertion mentioned.
Electoral bonds may be bought by Indian residents or entities integrated or established within the nation.
Registered political events which have secured not lower than 1% of the votes polled within the final Lok Sabha or Legislative Assembly election are eligible to obtain funding by way of electoral bonds.
Source: www.thehindu.com