India's top lender State Bank of India (SBI) from January 1 to January 10, 2021 to issue electoral bonds at 29 authorised branches across India, government of India said.
The Ministry of Finance said eligible political parties could encash the electoral bonds only through a bank account with the authorised bank.
The ministry of finance official statement said "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, as per provisions of the Scheme. Electoral Bonds can be bought by a person being an individual either singly or jointly with other individuals. Under Section 29A of the Representation of the People Act, 1951 (43 of 1951), only the political parties registered shall be eligible to receive the electoral bonds".
The State Bank of India (SBI), in the XV Phase of sale, has been authorised to issue and encash Electoral Bonds through its 29 Authorised Branches (as per list enclosed) w.e.f. 01.01.2021 to 10.01.2021.
SBI is the only authorised bank to issue such bonds.
An electoral bond to be valid for 15 days from the date of issue and no payment would be made to any payee political party if the bond is deposited after expiry of the validity period, it said, adding, the bond deposited by any eligible political party into its account would be credited on the same day.The last issuance was done in October ahead of the Bihar assembly election.