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Political Party Funding: How And Where To Buy Electoral Bonds?

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Political parties use funding from their supporters, who could be individuals, unions or organisations for campaigns or routine activities.

In 2018, the Narendra Modi-led NDA government introduced the Electoral Bond Scheme as an alternative to cash donations made to political parties, to bring transparency in political funding.

How And Where To Buy Electoral Bonds?
 

Features

  • Electoral Bond is a bearer Banking Instrument.
  • These bonds can be purchased by a person who is a citizen of India or incorporated or established in India.
  • Individuals can buy Electoral Bonds, either singly or jointly with other individuals.
  • These are issued in the denomination of Rs 1,000, Rs 10,000, Rs 1 lakh, Rs 10 lakh and Rs 1 crore.
  • Only the Political Parties registered under Section 29A of the Representation of the People Act, 1951 (43 of 1951) and which secured not less than one per cent of the votes polled in the last General Election to the House of the People or the Legislative Assembly of the State, shall be eligible to receive the Electoral Bonds.
  • The Electoral Bonds shall be encashed by an eligible Political Party only through a Bank account with the Authorized Bank.
  • Electoral Bonds are valid for 15 calendar days from the date of issue and no payment shall be made to any payee Political Party if the Electoral Bond is deposited after expiry of the validity period.
  • No coupon rate (interest rate) offered on these bonds.
  • Bonds can be purchased in January, April, July and October months of each year when the tranche is open for purchase for a period of 10 days.
  • Political parties will also have to inform election commission on the amount of money they received from Electoral bonds.

How to purchase Electoral Bonds?

The State Bank of India (SBI) has been authorised to issue and encash Electoral Bonds through its 29 Authorized Branches.

Procedure

  • In addition to Application Form and Pay-in-Slip, the Applicant should submit a copy each of Citizenship Proof and KYC documents, along with originals at the SBI branch.
  • Every application will be treated as a fresh request for Electoral Bonds purchase and every time fresh KYC documents will be given, which means that the same applicant can purchase electoral bonds several times.
  • Payment for Electoral Bond can be made through Cheque, DD, NEFT/RTGS or Direct Debit to the Applicant Account. However, Applicant and Remitter must be the same Person/Entity.
  • If the purchaser does not hold an account with SBI, he/she can purchase Electoral Bond through
    • a. Cheque / DD drawn in favour of the Authorized SBI Branch and payable at the local Clearing House.
    • b. Remitting funds through NEFT/RTGS after generating Virtual Account Number on the pre-login screen of Online SBI site (www.onlinesbi.com).
  • In case of cheques/bank DD, Cheque should be drawn in favour of "State Bank of India A/c Electoral Bond Scheme 2018" and clear funds must be realized by Designated Branch of SBI within the sale period window. Clearing cheque should be deposited in Designated SBI Branches at least 3 working days before the closure of Electoral Bond sale period.
  •  

    The 29 authorised SBI branches for electoral bonds include:

    1. Delhi

    Branch code: 00691

    Address: New Delhi Main Branch, 11, Parliament Street, New Delhi - 110001

    2. Haryana, Punjab and Chandigarh

    Branch code: 00628

    Address: Chandigarh Main Branch, SCO 43-48, Banking Square, Sector-17B, Chandigarh, State: Chandigarh- 160017

    3. Himachal Pradesh

    Branch code: 00718

    Address: Shimla Main Branch, Near Kali Bari Temple, The Mall, Shimla, Himachal Pradesh. Pin: 171003

    4. Jammu and Kashmir

    Branch code: 02295

    Address: Badami Bagh (Srinagar) Branch, Badami Bagh Cantonment, Srinagar, Kashmir. Pin: 190001

    5. Uttarakhand

    Branch code: 00630

    Address: Dehra Dun Main Branch, 4, Convent Road, Dehradun, Uttarakhand. Pin: 248001

    6. Gujarat, Dadar & Nagar Haveli and Daman & Diu

    Branch code: 01355

    Address: Gandhinagar Branch, I Floor, Zonal Office, Sector 10 B Gandhinagar, Gujarat. Pin:382010.

    7. Madhya Pradesh

    Branch code: 01308

    Address: Bhopal Main Branch, T.T.Nagar, Bhopal-462003, Bhopal, Madhya Pradesh. Pin : 462003

    8. Chhattisgarh

    Branch code: 00461

    Address: Raipur Main Branch, P.B.N0.29/61, JaistambhChowk, Raipur, Chhatisgarh. Pin: 492001

    9. Rajasthan

    Branch code: 00656

    Address: Jaipur Main Branch, P.B.No.72, Sanganeri Gate, Jaipur, Rajasthan. Pin: 302003

    10. Maharashtra

    Branch code: 00300

    Address: Mumbai Main Branch, Mumbai SamacharMarg, Horniman Circle, Fort, Mumbai, Maharashtra. Pin: 400001

    11. Goa, Lakshadweep

    Branch code: 00509

    Address: Panaji Branch, Opp: Hotel Mandovi, Dayanand, Panaji, Goa. Pin: 403001

    12. Uttar Pradesh

    Branch code: 00125

    Address: Lucknow Main Branch, TarawaliKothi, Motimahal Marg, Hazratganj, Lucknow, Uttar Pradesh. Pin: 226001

    13. Odisha

    Branch code: 00041

    Address: Bhubaneswar Main Branch, P.B.No.14, Bhubaneswar, Orissa. Pin: 751001

    14. West Bengal and Andaman & Nicobar

    Branch code: 00001

    Address: Kolkata Main Branch, SamriddhiBhawan, 1, Strand Road, Kolkata, West Bengal. Pin: 700001

    15. Bihar

    Branch code: 00152

    Address: Patna Main Branch, West Gandhi Maidhan, Patna, Bihar. Pin: 800001

    16. Jharkhand

    Branch code: 00167

    Address: Ranchi Branch, Court Compound, Ranchi, Jharkhand. Pin: 834001

    17. Sikkim

    Branch code: 00232

    Address: Gangtok Branch, M G Marg, Gangtok, Sikkim Pin: 737101

    18. Arunachal Pradesh

    Branch code: 06091

    Address: ltanagar Branch, TI Marg, VIP Road Bank Tinali, Papumpare District, ltanagar, Arunachal Pradesh. Pin: 791111

    19. Nagaland

    Branch code: 00214

    Address: Kohima Branch, Near deputy commissioner's office, Kohima, Nagaland, Pin: 797001

    20. Assam

    Branch code: 00078

    Address: Guwahati Branch, Pan Bazar, MG Road, Kamrup, Guwahati. Pin: 781001

    21. Manipur

    Branch code: 00092

    Address: lmphal Branch, M G Avenue, lmphal west, Manipur, Pin: 795001

    22. Meghalaya

    Branch code: 00181

    Address: Shillong Branch, MG road, Near General PO, Khasi Hills (E), Shillong, Meghalaya. Pin: 793001

    23. Mizoram

    Branch code: 01539

    Address: Aizawl Branch, Solomns cave, Mizoram, Pin: 796001

    24. Tripura

    Branch code: 00002

    Address: Agartala Branch, Hari Ganga Basak Road, Agartala, District: Tripura (W), Tripura Pin: 799001

    25. Andhra Pradesh

    Branch code: 00952

    Address: Visakhapatnam Branch, Rednam Gardens, Jail Road, Junction, Visakhapatnam, Andhra Pradesh. Pin: 530002

    26. Telangana

    Branch code: 00847

    Address: Hyderabad Main Branch, Bank Street, Koti, Hyderabad, Telangana. Pin: 500095

    27. Tamil Nadu and Puducherry

    Branch code: 00800

    Address: Chennai Main Branch, 336/166, Thambuchetty Street, Parrys, Chennai, Tamil Nadu Pin: 600001

    28. Karnataka

    Branch code: 00813

    Address: Bengaluru Main Branch, Post Bag No.5310, St. Marks Road, Bangalore, Karnataka Pin: 560001

    29. Kerala

    Branch code: 00941

    Address: Thiruvananthapuram Branch, P.B.No.14, M.G.Road, Thiruvananthapuram, Kerala. Pin: 695001

Read more about: electoral bonds
Story first published: Saturday, October 17, 2020, 11:00 [IST]
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