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Govt Agrees on 27th Tranche of Electoral Bonds; Sale Starts Today

The government approved the issuance of the 27th tranche of electoral bonds.

The government gave a green signal to the issuance of the 27th tranche of electoral bonds that will begin sale today.

This progress comes before the assembly elections of Rajasthan, Chhattisgarh, Telangana, and Mizoram. The poll dates for the individual states are estimated to be broadcasted in the next couple of months.

Electoral bonds have been inclined as an alternative to cash donations made to political parties as part of the administration’s efforts to maintain transparency in political funding.

The State Bank of India, in the sale’s 27th phase, has been authorised to issue and encash electoral bonds through 29 authorised branches from July 3-12, said the finance ministry said in a statement.

The first batch sale of electoral bonds occurred between Mar 1-Mar and 10, 2018.

The SBI branches with the authorisation comprise those in Bangalore, New Delhi, Patna, Chandigarh, Lucknow, Kolkata, Shimla, Dehradun, Chennai, Srinagar, Gandhinagar, Bhopal, Mumbai, and Raipur. Besides, SBI is the only authorised bank to issue electoral bonds.

Electoral bonds have a 15-day validity period from the date of issuance. There will be no reimbursement to any political party if the bond is deposited after the validity period has ended.

Indian citizens, or units incorporated or established in the country, can issue these bonds.

Registered political parties that have protected not less than 1% of the votes polled in the last Lok Sabha or legislative assembly election are qualified to receive funding through electoral bonds.

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