SBI Alert: Big move by Modi Government! State Bank of India to sell electoral bonds ahead of Delhi Assembly Elections 2020

SBI Alert: The Narendra Modi Government has entrusted State Bank of India (SBI) to sell Electoral Bonds from 13th January 2020. The Ministry of Finance issued notification in this regard just ahead of the Delhi Assembly elections 2020. The largest Indian commercial bank would sell and encash Electoral Bonds from January 13th to 22nd, the ministry's statement said. This would be 13th such sale of Electoral Bonds since its inception in 2018. These Electoral Bonds will be sold through 29 authorised SBI branches and the parties can encash them through an account with SBI.

The Ministry of Finance announced about the decision through a statement citing, "As per provisions of the Scheme, Electoral Bonds may be purchased by a person (as defined in item No. 2 (d) of Gazette Notification), 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 per cent 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 Authorized Bank."

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Elaborating upon the name of the authorised bank the ministry's statement said, "State Bank of India (SBI), in the XIII Phase of sale, has been authorised to issue and encash Electoral Bonds through its 29 Authorized Branches (as per list enclosed) wioth effect from 13.01.2020 to 22.01.2020."

The ministry statement further said, "It may be noted that Electoral Bonds shall be valid for fifteen calendar days from the date of issue and no payment shall 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 shall be credited on the same day."