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Electoral Bonds for Sale at Authorised Branches of State Bank of India (SBI)


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Electoral Bonds for Sale at Authorised Branches of State Bank of India (SBI)

Key points:

The Electoral Bond Scheme 2018 was notified by the Government of India on January 02, 2018. According to the Scheme, Electoral Bonds may be purchased;

1) By a person (as defined in item No. 2 (d) of Gazette Notification), who is a citizen of India or incorporated or established in India.

2) A person being an individual can buy Electoral Bonds, either singly or jointly with other individuals.

3) Only the Political Parties registered under Section 29A of the Representation of the People Act, 1951 (43 of 1951) which secured not less than one per cent of the votes 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 Election Commission of India (ECI) has accorded ‘No objection’ from Model Code of Conduct (MCC) angle and its subject to the following conditions:

i) No Political functionary shall make any reference in this regard during any public speech or communication to the press or public in the constituencies going for the poll; and

ii) The relevant provisions of Model Code of Conduct issued by the Election Commission shall be strictly followed.

The State Bank of India (SBI), in the XIV Phase of sale, has been authorised to issue and encash Electoral Bonds through its 29 Authorized Branches ( as per list enclosed) w.e.f. 19.10.2020 to 28.10.2020. The Electoral Bonds shall be valid for fifteen calendar days from the date of issue and no payment shall be made to any payee if the Electoral Bond is deposited after the validity period. The Electoral Bond deposited by an eligible Political Party in the account shall be credited on the same day.  

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Electoral Bonds for Sale at Authorised Branches of State Bank of India (SBI)