The State Bank of India (SBI) has been authorised to issue and encash electoral bonds through its 29 authorised branches from October 19 to 28.
Electoral bonds would be valid for fifteen calendar days from the date of issue and no payment shall be made to any payee political party if the electoral bond is deposited after expiry of the validity period. Electoral bond deposited by an eligible political party in its account shall be credited on the same day.
The Election Commission of India has accorded ‘no objection’ from Model Code of Conduct angle, vide its letter No.437/6/CG/LA-BR/ECI/LET/FUNCT/MCC/2020 dated October 15, 2020, subject to certain conditions. ii) The relevant provisions of the Model Code of Conduct issued by the Election Commission shall be strictly followed.
The Government of India has notified the Electoral Bond Scheme 2018 vide Gazette Notification No. 20 dated January 02, 2018. As per provisions of the scheme, electoral bonds may be purchased 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. A person being an individual can buy electoral bonds, either singly or jointly with other individuals. Only the political parties registered under Section 29A of the Representation of the People Act, 1951 (43 of 1951) and which secured not less than one per cent of the votes polled 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 electoral bonds shall be encashed by an eligible political party only through a bank account with the authorised bank.