Latest Instalment Of Electoral Bonds To Go On Sale From Monday
The 24th tranche of electoral bonds, which go on sale on December 5, was given government approval on Saturday. Bond sales take place on December 5 in conjunction with the second round of the Gujarat assembly elections.
In an effort to increase openness in political fundraising, electoral bonds have been proposed as a substitute for financial contributions to political parties. State Bank of India (SBI) has been given permission to issue and accept payments for electoral bonds through 29 authorised branches from December 5 to 12, according to a statement from the finance ministry. This is the 24th phase of the sale.
A subscription period for the 23rd tranche of electoral bonds ran from November 9–15, 2022.
Tranches of electoral bonds typically go on sale between days one and ten of the allotted month. For example, the 21st tranche of bond sales was from July 1–10, 2022, while the 22nd tranche was from October 1–10, 2022. From March 1–10, 2018, the first batch of electoral bonds were sold.
The SBI branches in Lucknow, Shimla, Dehradun, Kolkata, Guwahati, Chennai, Patna, New Delhi, Chandigarh, Srinagar, Gandhinagar, Bhopal, Raipur, and Mumbai are among those that have been granted authorization. The only bank permitted to issue electoral bonds is SBI.
A political bond is valid for 15 days after it is issued. If the bond is deposited after the validity time has passed, no payment will be given to any political party, according to the statement.Citizens of India or businesses incorporated or founded there may purchase electoral bonds. Electoral bonds can be used to finance registered political parties that received at least 1% of the votes cast in the most recent Lok Sabha or legislative assembly elections.
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