State Bank of India to issue first electoral bonds from 1 March

The government has authorised the State Bank of India (SBI) to issue and encash Electoral Bonds initially at its four authorised branches in Delhi, Kolkota, Mumbai and Chennai.

The first issue of the scheme will open on 1 March 2018 for the first quarter of the 2018-19 fiscal.

The bonds will be available for 10 days between 1 March 2018 and 10 March 2018.

As per the gazette notification on Electoral Bonds issued on 2 January, electoral bonds may be purchased by persons who are Indian citizens or entities established or incorporated in India.

Electoral Bonds once purchased will be valid for 15 days from the date of issue and no payment shall be made to any payee Political Party if the Bond is deposited after expiry of the validity period.

The authorised SBI branches are:

Chennai Main Branch, 84, Rajaji Salai, Chennai – 600001 (Br Code 00800);

Kolkata Main Branch, Samriddhi Bhawan, 1, Strand Road, Kolkata-700001 (Br Code 00001);

Mumbai Main Branch, Horniman Circle, Fort, Mumbai -400001 (Br Code 00300);

New Delhi Main Branch, 11, Parliament Street, New Delhi-110001 (Br Code 00691).

Only political parties registered under Section 29A of the Representation of the People Act, 1951 and, which secured at least one per cent of the votes polled in the last general election to Parliament or legislative assembly, would be eligible to receive the bonds.

The bonds can be encashed by political parties only through a bank account with the authorised bank. The bond deposited by the party to its account shall be credited on the same day.