New Delhi, June 29 (IANS) The government on Friday announced the fourth phase of the Electoral Bond Scheme in which the bonds will be available at notified branches of the State Bank of India between July 2 and 11.
“State Bank of India (SBI), in the fourth phase of sale, has been authorised to issue and encash electoral bonds through its 11 authorised branches from July 2 to July 11,” the Finance Ministry said in a statement.
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, it 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.