"The State Bank of India (SBI) in the second phase of sale, has been authorised to issue and encash Electoral Bonds through its 11 authorised branches from April 2 to April 10, 2018," said a Finance Ministry release.
The SBI main branches in New Delhi, Mumbai, Chandigarh, Bengaluru, Gandhinagar, Bhopal, Jaipur, Chennai, Lucknow and Guwahati have been authorised to sell and encash the Bonds.
The Electoral Bonds would 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 Ministry said.
The bonds deposited by a political party in its account will be credited on the same day.
The government notified the Electoral Bond Scheme on January 2 this year. As per the scheme, these may be purchased by a person "who is a citizen of India or incorporated or established in India" and can buy them either singly or jointly with other individuals.
Only the political parties registered under Section 29A of the Representation of the People Act, 1951 and which secured not less than one per cent of the votes polled in the last general election to Parliament or the legislative assembly of the state, are eligible to receive the Electoral Bonds.
(This story has not been edited by Social News XYZ staff and is auto-generated from a syndicated feed.)
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