Forward of meeting elections in 5 states, the federal government on Saturday permitted the issuance of the twenty ninth tranche of electoral bonds which shall be opened on the market on November 6.
The choice comes amid campaigning for meeting elections in Rajasthan, Madhya Pradesh, Chhattisgarh, Telangana and Mizoram. The elections in these states prolong from November 7 to 30. The votes shall be counted on December 3.
Electoral bonds have been launched as a substitute for money donations to political events as a part of efforts to realize transparency in political financing.
“The Indian authorities has approved the State Financial institution of India (SBI), within the twenty ninth section of the sale, to subject and disburse electoral bonds by means of its 29 approved branches from November 6 to twenty, 2023,” the Finance Ministry mentioned in an announcement.
The primary batch of electoral bonds was offered in March 2018.
Electoral bonds can solely be disbursed by an eligible political celebration by means of a checking account with the approved financial institution. SBI is the one financial institution approved to subject electoral bonds.
The permitted SBI branches embrace these in Bengaluru, Lucknow, Shimla, Dehradun, Kolkata, Guwahati, Chennai, Patna, New Delhi, Chandigarh, Srinagar, Gandhinagar, Bhopal, Raipur and Mumbai.
The Ministry of Finance additionally mentioned that the electoral bonds shall be legitimate for 15 calendar days from the date of their issuance and no cost shall be made to any paid political celebration if the bonds are deposited after the expiry of the validity interval.
She added, “The electoral bond that the eligible political celebration deposits into its account should be deposited on the identical day.”
Electoral bonds might be bought by Indian residents or entities integrated or established within the nation.
It mentioned registered political events that secured at the very least 1 per cent of the votes polled within the final Lok Sabha elections or Legislative Meeting elections are eligible for funding by means of electoral bonds.
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(tags for translation)Electoral Bonds