New Delhi: The government on Tuesday approved the issuance of the 17th installment of electoral bonds. Now it will be open for sale from today till July 10. This approval has been given before the assembly elections to be held in five states. In an effort to bring transparency in political donations, arrangements for electoral bonds have been made as an alternative to cash donations to political parties. However, opposition parties have been raising concerns about the perceived lack of transparency in donations through such bonds.
“…State Bank of India has been authorized to issue and encash Electoral Bonds through its 29 authorized branches between July 1 and July 10,” the Finance Ministry said in a statement. These 29 specialized branches of SBI are in cities like Kolkata, Guwahati, Chennai, Thiruvananthapuram, Patna, New Delhi, Chandigarh, Shimla, Srinagar, Dehradun, Gandhinagar, Bhopal, Raipur, Mumbai and Lucknow.
Donations can be made through electoral bonds only to registered political parties. For this, KYC of the buyer is necessary. This Electoral Bond can be bought only by Indian citizens, companies. Apart from this, only those people will be able to buy whose KYC has been completed. These bonds cannot be bought in cash. All these bonds will be able to buy in the special branch of SBI. The name of the payer will not be there in these bonds. These will be for 15 days only and will be interest free banking instruments. These bonds will be in denomination of 1 thousand, 10 thousand, 1 lakh, 10 lakh and 1 crore.
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