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Government authorizes Sbi to issue election bonds between October 1 and 10


By CNBCTV18.com IST (Released)

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The Government of India had notified the Election Bond Scheme 2018 on 2nd January 2018. As per the provisions of the Scheme, Election Bonds can be purchased by a person who is a citizen of India or incorporated or established in India.

The State Bank of India (SBI), in the XXII sale phase, was authorized to issue and encash election bonds through its 29 authorized branches from 1st to 10th October 2022.

These election bonds will be valid for fifteen calendar days from the date of issue and no payment will be made to a beneficiary political party if they are deposited after the expiry of the period of validity, the Information Office said at the press (GDP) in a press release on Thursday.

The electoral voucher deposited by an eligible political party in its account will be credited on the same day, he said.

The Government of India had notified the Election Bond Scheme 2018 on 2nd January 2018. As per the provisions of the Scheme, Election Bonds can be purchased by a person who is a citizen of India or incorporated or established in India.

A natural person can purchase election bonds either alone or jointly with other natural persons.

Only political parties registered under Section 29A of the Representation of the People Act 1951 (43 of 1951) and which obtained at least one per cent of the vote in the last general election for the House of the People or the State Legislative Assembly, are eligible to receive electoral vouchers.

Election bonds will only be cashed by an eligible political party through a bank account with the authorized bank, GDP said.

An election bond is a bearer instrument, such as a promissory note and similar to a bank note that is payable to the bearer on demand. The instrument is also interest free and can be purchased by any Indian citizen or an Indian incorporated body.
The bonds can be issued in multiples of 1,000, 10,000, 1 lakh, 10 lakh and 1 crore and will be available at specific branches of the State Bank of India (SBI). The donor is required to have completed their KYC, in order to purchase these bonds.

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