New Delhi, Nov 7 : The Finance Ministry has authorised the country’s largest lender State Bank of India (SBI) to issue and encash electoral bonds through its 29 authorised branches between November 9 and November 15.
The bonds shall be 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.
The electoral bond deposited by an eligible political party in its account shall be credited on the same day, official sources said.
The Central government had notified the electoral bond scheme in 2018.
As per the scheme’s provisions, electoral bonds may be purchased by a person, who is a citizen of India or incorporated or established in India.