Fresh electoral bonds to go on sale from January 1

Fresh electoral bonds to go on sale from January 1; Mumbai sold most bonds so far

Bonds worth Rs 6,492.68 crore have been sold since 2018

Electoral bonds are sold by 29 SBI branches and eligible parties can encash them only in these facilities. Credit: Reuters file photo.

With the government announcing the 15th edition of sale of electoral bonds from the New Year, an analysis has shown that the highest amount of bond sale so far took place in the commercial capital of Mumbai while its encashment was in Delhi, the national capital.

Since 2018 when the electoral bond came into being, there were 14 phases of sales during which bonds worth Rs 6,492.68 crore have been sold while Rs 6,472.43 crore were encashed. The bonds which were not encashed amounting to around Rs 20.25 crore were transferred to PMNRF.

Electoral bonds are sold by 29 SBI branches and eligible parties could encash them only in these facilities.

The government on Tuesday announced that the 15th phase of electoral bond sale would take place between January 1 and 10. These bonds will be valid for 15 calendar days from the date of issue and no payment will be made to any payee party if the electoral Bond is deposited after expiry of the validity period.

The analysis by transparency activist Commodore Lokesh Batra (retired) based on RTI responses have shown that Rs 2,022.29 crore were sold in SBI branch Mumbai, which is 31.16% of the total sale, while Delhi had the highest encashment of Rs 5,003.70 crore.

Mumbai, which is home to several corporates, accounted for 31.16% of the electoral bonds that were sold followed by Kolkata (22.98% or Rs 1491.70 crore) and Delhi (14.67% or Rs 952.62 crore).

Interestingly, only 17 out of 29 branches had sold electoral bonds during this period.

When it came to encashing the bonds, the authorised SBI branch in New Delhi topped the list (77.31% or Rs 5,003.70 crore) indicating that the national capital followed by Hyderabad (9.31% or Rs 602.30 crore) and Bhubaneswar (4.84% or 313.50 crore).

On the other hand, the encashment in Mumbai, which sold the highest value of electoral bonds, was only 2.34% or Rs 151.13 core.

Among the cities, Mumbai sold the highest proportion of bonds with a value of Rs one crore (32.40% or 1,932 out of 5,981 bonds of Rs one crore value sold across India) followed by Kolkata (22.54% or 1,348) and New Delhi (14.90% or 891).

Delhi again topped the list when it came to encashing bonds with a value of Rs one crore with 78.37%.

For printing these bonds, the government has spent Rs 1.85 crore, while the SBI has received Rs 3.66 crore as commission for the sale of electoral bonds.

 

Status of electroral bonds transactions so far:






Sale Dates

SOLD

REDEEMED

UNCLAIMED

COMMISSION PAID TO SBI

Mar 1-10, 2018

Rs 222.001 crore

Rs 222 crore

Rs 1.0008 crore

Rs 12.24 lakh

Apr 2-10, 2018

Rs 114.9007 crore

Rs 114.9001 crore

Rs 6,000

Rs 6.38 lakh

May 1-10, 2018

Rs 101.40 crore

Rs 91.4 crore

Rs 1 crore

Rs 5.09 crore

July 2-11, 2018

Rs 32.5 crore

Rs 32.5 crore

Fully redeemed

Rs 1.82 lakh

Oct 1-10, 2018

Rs 401.73 crore

Rs 401.53 crore

Rs 20 lakh

Rs 22.11 lakh

Nov 1-10, 2018

Rs 184.20 crore

Rs 184.20 crore

Fully redeemed

Rs 10.25 lakh

Jan 1-10, 2019

Rs 350.3602 crore

Rs 350.3601 crore

Rs 1,000

Rs 19.52 lakh

Mar 1-15, 2019

Rs 1,365.69 crore

Rs 1,364.69 crore

Rs 1.001 crore

Rs 75.97 lakh

Apr 1-20, 2019

Rs 2,256.37 crore

Rs 2,251.13 crore

Rs 5.05 crore

Rs 1.25 crore

May 4-10, 2019

Rs 822.25 crore

Rs 819.25 crore

Rs 3.0004 crore

Rs 45.36 lakh

July 1-10, 2019

Rs 45.38 crore

Rs 45.38 crore

Fully redeemed

Rs 2.96 lakh

Oct 1-10, 2019

Rs 231.93 crore

Rs 231.93 crore

Fully redeemed

Rs 15.19 lakh

Jan 13-22, 2020

Rs 81.67 crore

Rs 81.67 crore

Fully redeemed

Rs 5.33 lakh

Oct 19-20, 2020

Rs 282.2901 crore

Rs 282.29 crore

Rs 1,000

Rs 18.40 lakh

TOTAL

Rs 6,492.68 crore

Rs 6,472.43 crore

Rs 20.25 crore

Rs 3.66 crore

Source: RTIs filed by transparency activist Commodore Lokesh Batra (Retd)