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SBI authorised to issue, encash Electoral Bonds from Oct 19-28

The Ministry of Finance has said that the State Bank of India (SBI), in the 14th Phase of sale, has been authorised to issue and encash Electoral Bonds through its 29 Authorized Branches with effect from 19th October to 28th of October this year. Electoral Bonds will be valid for fifteen calendar days from the date of issue and no payment will be made to any payee Political
Party if the Electoral Bond is deposited after expiry of the validity period. The Ministry said, the Electoral Bond deposited by an eligible Political Party in its account will be credited on the same day. It said, Election Commission of India has accorded ‘No objection’ from Model Code of Conduct (MCC) angle with conditions that no political functionary will make any reference in this regard during any public speech or communication to the press or public in the constituencies going for poll and the relevant provisions of MCC willl be strictly followed.The Government had notified the Electoral Bond Scheme in 2018.

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Surbhi Saxena edits the daily Current Affairs News.
The author is qualified member of The Institute of Company Secretaries of India (ICSI).

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