27th tranche of electoral bonds approved, sale starts today

The 27th tranche of electoral bonds approved, and the sale starts today. The announcement of poll dates for upcoming state elections is expected within the next few months.

SBI remains the sole authorized bank for issuing electoral bonds.

The government has approved the 27th tranche of electoral bonds, which will be available for sale starting today.

This development precedes the assembly elections in Rajasthan, Chhattisgarh, Telangana, and Mizoram, with poll dates expected to be announced in the coming months.

Electoral bonds serve as an alternative to cash donations for political parties, promoting transparency in political funding.

The State Bank of India (SBI), in the 27th phase of sales, has been granted permission to issue and redeem electoral bonds through 29 authorized branches from July 3-12, according to a statement from the finance ministry.

The first batch of electoral bonds was sold from March 1 to March 10, 2018.

Authorized SBI branches include those in Bangalore, New Delhi, Patna, Chandigarh, Lucknow, Kolkata, Shimla, Dehradun, Chennai, Srinagar, Gandhinagar, Bhopal, Mumbai, and Raipur.

Electoral bonds have a validity period of 15 days from the date of issuance, and any bond deposited after that period will not result in a payment to any political party, as stated in the announcement.

Indian citizens or entities incorporated or established in the country can purchase these bonds.

Registered political parties that have received at least 1 percent of the votes in the last Lok Sabha or legislative assembly election are eligible to receive funding through electoral bonds.

Content source: Media reports