JOIN USThe much-hyped electoral bonds as an alternative to cash donations to political parties will come into force on March 1. Four designated branches of the State Bank of India will sell the bonds from March 1 to 10.
The bonds will be sold at main branches of SBI in four metro cities of New Delhi, Mumbai, Kolkata and Chennai.
An electoral bond will be valid for 15 days from the date of issue. The bond deposited by any eligible political party in its account would be credited on the same day, the finance ministry said in a statement, adding no payment would be made to any payee political party if the bond is deposited after expiry of the valid period.
"The first issue of the scheme will be opened in March 2018 in place of January 2018 for the first quarter of 2018. Accordingly, the first sale of electoral bonds will commence from March 1, 2018 for a period of 10 days i.e. up to March 10, 2018," the ministry said in a statement.
Eligibility
The government had notified the scheme on January 2. A citizen of India or an entity incorporated/established in India can purchase electoral bonds.
A registered political party, which has secured not less than 1% of the votes polled in the last election to the Lok Sabha or Legislative Assembly will be eligible to receive electoral bonds.
The bond shall be encashed by a political party only through a bank account with the authorised bank," the ministry said.