First sale of Electoral Bonds to commence from 1st March
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The Ministry of Finance said, State Bank of India has been authorized to issue and encash Electoral Bonds initially at its four authorised branches.
Electoral Bond will be valid for 15 days from the date of issue and no payment shall be made to any payee Political Party if the Bond is deposited after the expiry of the validity period.
The Bond deposited by any eligible political party to its account shall be credited on the same day.
The Centre had notified the Electoral Bond Scheme 2018 through a Gazette Notification on the 2nd of last month.
As per provisions of the Scheme, Electoral Bonds may be purchased by a person, who is a citizen of India or incorporated or established in India. A person being an individual can buy Electoral Bonds, either singly or jointly with other individuals.
The Bond shall be encashed by an eligible political party only through a bank account with the authorized bank.
Only Political Parties registered under Representation of People Act, which secured not less than one per cent of the votes polled in the last General Election to the House of People or Legislative Assembly of the State shall be eligible to receive Electoral Bonds. #casansaar (Source - NewsOnAir)
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