electoral bonds: the government approves the 22nd tranche of electoral bonds; sale from October 1 to 10

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Ahead of the Gujarat and Himachal Pradesh parliamentary elections, the government on Thursday approved the issuance of the 22nd tranche of election bonds which will go on sale on October 1.

Campaign bonds have been touted as an alternative to cash donations to political parties as part of efforts to ensure transparency in political financing.

The State Bank of India (SBI), in the 22nd round of sale, was allowed to issue and cash election bonds through its 29 licensed branches from October 1 to 10, the finance ministry said in a statement. communicated.

Authorized SBI branches include those in Lucknow, Shimla, Dehradun, Kolkata, Guwahati, Chennai, Patna, New Delhi, Chandigarh, Srinagar, Gandhinagar, Bhopal, Raipur and Mumbai.

Assembly election dates for Gujarat and Himachal Pradesh are expected to be announced within weeks.

The 21st tranche of bond sales took place from July 1 to 10, 2022. The sale of the first batch of election bonds took place from March 1 to 10, 2018.

The SBI is the only bank authorized to issue election bonds.

An election deposit will be valid for 15 days from the date of issue. No payment will be made to a political party if the bond is posted after the validity period has expired, the statement said.

Election bonds can be purchased by Indian citizens or entities incorporated or established in the country.

Registered political parties that received at least 1% of the vote in the last Lok Sabha or Legislative Assembly election are eligible to receive funding through election bonds.

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