On Friday, the finance ministry informed of the 14th tranche of electoral bonds sale that will take place between 19 October and 28 October.
Electoral Bond Scheme was introduced in 2018 by the Narendra Modi-led NDA government as an alternative to cash donations made to political parties, to bring transparency in political funding.
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.
The State Bank of India (SBI) has been authorised to issue and encash Electoral Bonds through its 29 Authorized Branches.
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 SBI.
Electoral Bonds are valid for fifteen 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. The Electoral Bond deposited by an eligible Political Party in its account shall be credited on the same day.