Tuesday, August 09, 2022

SBI authorised to issue electoral bonds

By Livine Khrozhoh Updated: Mar 30, 2021 11:34 pm

Our Reporter
Dimapur, March 30 (EMN):
Ministry of Finance, government of India, has authorised the State Bank of India (SBI), Kohima Branch, near deputy commissioner’s office, Kohima, to issue and encash electoral bonds from April 1 to the 4th.

A PIB report stated that the SBI in the 16th phase of sale has authorised to issue and encash electoral bonds through its 29 authorised branches. As per the provisions of the Electoral Bond Scheme 2018, which was notified by the government of India on January 2, 2018, 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. Only the political parties registered under Section 29A of the Representation of the People Act, 1951 (43 of 1951) and which secured not less than one percent of the votes polled in the last general election to the house of the people or the legislative assembly of the state, shall be eligible to receive the electoral bonds, according to the PIB report.

The electoral bonds shall be encashed by an eligible political party only through a bank account with the authorised Bank, the report stated. The Election Commission of India (ECI) has accorded ‘no objection’ from Model Code of Conduct (MCC) angle, subject to the following conditions:

i)  No Political functionary shall make any reference in this regard during any public speech or communication to the press or public in the constituencies going for poll.

ii) The relevant provisions of MCC issued by the Election Commission shall be strictly followed.

According to the report, electoral bonds would be valid for fifteen calendar days from the date of issue and no payment would be made to any payee political party if the electoral bond is deposited after expiry of the validity period. The electoral bond deposited by an eligible political party in its account would be credited on the same day, it added.

By Livine Khrozhoh Updated: Mar 30, 2021 11:34:24 pm