New Delhi, Dec 3 (IANS): The Government on Saturday authorised sale and encashment of electoral bonds through 29 branches of State Bank of India (SBI) across the country between December 5 and December 12, 2022.

As per provisions of the electoral bonds scheme, these can be purchased by a person who is a citizen of India or incorporated or established in India.

A person being an individual can buy electoral bonds, either singly or jointly with other individuals. Only political parties registered under Section 29A of the Representation of the People Act, 1951 (43 of 1951) and which have secured not less than one per cent of the votes polled in the last general election to the Lok Sabha or state legislative assemblies are eligible to receive these bonds.

The bonds can be encashed by an eligible political party only through a bank account with the authorised bank.

These electoral bonds are valid for 15 calendar days from the date of issue and no payment shall be made to any payee political party if the electoral bond is deposited after expiry of the validity period.

The bond deposited by an eligible political party in its account is credited on the same day.