Electoral Bonds: Government approves 26th installment of Electoral Bonds, sale will start from April 3
Electoral bonds were started to make election donations transparent.
You can donate to the party of your choice through electoral bonds.
Political parties get money by redeeming electoral bonds in the bank.
New Delhi. Ahead of the Karnataka Assembly elections, the government on Friday approved the issuance of the 26th tranche of Electoral Bonds to be used for funding political parties. Its sale will start from April 3, 2023.
Polling will be held in Karnataka on 10 May. As per the schedule of the Election Commission, the counting of votes will take place on May 13. Explain that in order to bring transparency in political donations, electoral bonds have been introduced as an alternative to cash donations given to political parties.
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Electoral bonds can be bought from these branches of State Bank
The Finance Ministry said in a statement that in the 26th phase of sale from April 3 to 12, the State Bank of India (SBI) has been authorized to issue and encash electoral bonds through 29 authorized branches. The previous tranche (25th tranche) of Electoral Bonds was open for sale between January 19-28, 2023. The authorized SBI branches include Bengaluru, Lucknow, Shimla, Dehradun, Kolkata, Guwahati, Chennai, Patna, New Delhi, Chandigarh, Srinagar, Gandhinagar, Bhopal, Raipur and Mumbai. SBI is the only authorized bank to issue electoral bonds.
The first installment of Electoral Bonds was sold from March 1-10, 2018.
For giving donations to political parties, the system of issuing electoral bonds was implemented as an alternative to cash. Any Indian citizen or a company established in India can buy the bond. The first installment of Electoral Bonds was sold from March 1-10, 2018.
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What are electoral bonds
The Modi government had issued bonds in 2018 to raise funds on behalf of political parties, which are called electoral bonds. The government started it with the claim that it would increase transparency in political funding. You can donate to the party of your choice through this bond. In this, individuals, corporates and institutions can buy these bonds and political parties get money by redeeming these bonds in the bank. Banks sell electoral bonds only to customers whose KYC will be verified. The name of the donor is not mentioned on the bond and it is kept secret.
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Tags: business news, business news in hindi, Electoral Bond, Karnataka Assembly Elections
FIRST PUBLISHED : April 01, 2023, 16:18 IST