Government Approves 30th Tranche of Electoral Bonds Ahead of General Elections
- 03 Jan 2024
The Centre has recently granted approval for the issuance of the 30th tranche of electoral bonds, set to be available for purchase, with the window open until January 11.
Key Points
- Alternative to Cash Donations: Electoral bonds are endorsed as an alternative to cash donations, aiming to enhance transparency in political funding, with the first batch sold in March 2018.
- Upcoming General Elections: The release of the 30th tranche precedes the upcoming general elections later this year.
- Supreme Court Verdict: The timing coincides with expectations of the Supreme Court delivering its verdict on the validity of the electoral bonds scheme.
- Sale Authorization and Duration: The State Bank of India (SBI), in the 30th phase, is authorized to issue and encash electoral bonds through 29 specified branches from January 2 to January 11, 2024.
- Eligibility and Purchase: Electoral bonds can be purchased by Indian citizens or entities incorporated in the country.
- Registered political parties securing at least 1% of the votes in the last Lok Sabha or legislative assembly elections are eligible to receive funding through electoral bonds.
- Validity and Processing: Electoral bonds will be valid for 15 calendar days from the date of issue.
- Payments to political parties will not be processed if the bond is deposited after the expiry of the validity period.
- The Finance Ministry emphasizes the prompt crediting of electoral bonds deposited by eligible political parties into their accounts on the same day.
