Government Approves 29th Tranche of Electoral Bonds Ahead of Assembly Elections
In preparation for the upcoming assembly elections in five states, the government has given its approval for the issuance of the 29th tranche of electoral bonds. These bonds will be available for purchase starting from November 6. The decision was made amidst the ongoing campaigning for the assembly elections in Rajasthan, Madhya Pradesh, Chhattisgarh, Telangana, and Mizoram. The elections in these states will take place from November 7 to 30, and the vote counting will be conducted on December 3.
Electoral bonds have been introduced as an alternative to cash donations made to political parties, with the aim of bringing transparency to political funding. The Government of India has authorized the State Bank of India (SBI) to issue and encash these bonds through its 29 authorized branches, beginning from November 6 and lasting until November 20, 2023. This move emphasizes the importance of SBI as the only authorized bank for the issuance of electoral bonds.
The first batch of electoral bonds was sold in March 2018, and now, with the approval of the 29th tranche, the process continues. Political parties eligible to receive funding through these bonds must have secured at least 1% of the votes in the previous Lok Sabha or legislative assembly elections. Any eligible political party can encash the electoral bonds only through a bank account with the authorized bank, which in this case is the SBI. The authorized branches of SBI where electoral bonds can be obtained include Bengaluru, Lucknow, Shimla, Dehradun, Kolkata, Guwahati, Chennai, Patna, New Delhi, Chandigarh, Srinagar, Gandhinagar, Bhopal, Raipur, and Mumbai.
It’s worth noting that electoral bonds are valid for 15 calendar days from the date of issue. If a bond is deposited after the expiry of its validity period, no payment will be made to the respective payee political party. However, if an eligible political party deposits the electoral bond in its account on the same day, the funds will be credited immediately.
Electoral bonds are available for purchase to Indian citizens or entities incorporated or established within the country. These bonds serve as a means for citizens to contribute to political funding while maintaining transparency in the process. With the issuance of the 29th tranche of electoral bonds, the government aims to ensure a fair and accountable electoral system in the upcoming assembly elections.
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