Electoral bonds to be up for sale from 19 October

According to the finance ministry of India, the 14th tranche of electoral bonds sale will take place from 19 October. Electoral bonds have been pitched as an alternative to cash donations made to political parties as part of efforts to bring transparency in political funding.

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Key-Points

One can purchase electoral bonds from select State Bank of India (SBI) branches across the country till 28 October. SBI is the only authorised bank to issue such bonds.

Electoral bonds can be purchased by a person who is a citizen of India or incorporated or established in India. One can also buy electoral bonds 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 % 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.

The electoral bonds shall be encashed by an eligible political party only through a Bank account with the authorised bank.