The government approved the issuance of the 16th installment of electoral bonds between assembly elections in four states and one union territory. It will be open for sale from April 1 to April 10. Electoral bonds have been arranged in an effort to bring transparency in donations to political parties. Under this, political parties have been given the option of electoral bonds instead of cash donations. However, opposition parties have been raising concerns about the alleged lack of transparency in donations through such bonds.
The Finance Ministry said in a statement that the Election Commission approved the electoral bond on March 17 with certain conditions from the perspective of the code of conduct. This includes the condition that no political activist or official will say anything in this context to public speech or the press or to the people of his constituency where elections are going to be held.
Electoral bond will be sold here
According to the statement, State Bank of India (SBI) has been authorized to sell and redeem the 16th phase of electoral bonds during April 1, 2021 to April 10, 2021 through 29 authorized branches. These 29 branches of SBI are in cities like Kolkata, Guwahati, Chennai, Thiruvananthapuram, Patna, New Delhi, Chandigarh, Shimla, Srinagar, Dehradun, Gandhinagar, Bhopal, Raipur, Mumbai and Lucknow. In the first phase, the sale of electoral bonds was held from 1 to 10 March 2018.
They are entitled to electoral bonds
The 15th phase of Election Bonds was sold between January 1 and January 10, 2021. According to the provision of the scheme, a person can buy an electoral bond, which is a citizen of India or an entity formed here. Registered parties who have won at least one percent of the vote in the last Lok Sabha or Assembly elections are entitled to electoral bonds.
Electoral Bond Validity
SBI is the only bank authorized to issue such bonds. The election remains valid within 15 days of the issuance of the bond. If the bond is deposited after the expiry of the validity period, it will not be paid to the political party concerned. The amount of the bond deposited by the eligible political parties will come to his account on the same day.