Introduction: The Ministry of Finance, in collaboration with the State Bank of India (SBI), has announced the sale of Electoral Bonds through 29 designated branches. Commencing from January 2 to January 11, 2024, this initiative falls under the Electoral Bond Scheme 2018.
Detailed Analysis:
1. Electoral Bond Scheme Overview: The Electoral Bond Scheme 2018, introduced by the Government of India, allows citizens or entities incorporated in India to purchase Electoral Bonds. These bonds can be acquired individually or jointly, with the provision that the buyer is a citizen of India. Only registered political parties meeting specific criteria are eligible to receive and encash these bonds.
2. SBI’s Role in Electoral Bond Sales: The State Bank of India, during the XXX Phase of the Electoral Bond sale, has been authorized to issue and encash Electoral Bonds through its 29 Authorised Branches. The list of these branches is provided, ensuring transparency in the process.
3. Validity and Processing: Electoral Bonds have a validity period of fifteen calendar days from the date of issue. To receive funds, eligible political parties must encash the bonds through their bank accounts with the Authorized Bank. It’s crucial to note that no payments will be made if the bond is deposited after the expiry of the validity period.
4. Authorized SBI Branches for Electoral Bond Sales: A detailed list of the existing 29 authorized SBI branches across various states and Union Territories is mentioned. This ensures accessibility for interested buyers and transparency in the distribution process.
Conclusion: The sale of Electoral Bonds through SBI’s 29 Authorised Branches is a significant step towards fostering transparent political funding. With a well-defined scheme and a specified window for purchase, the initiative aligns with the government’s commitment to electoral reform. The list of authorized branches enhances accessibility, making the process more inclusive. As citizens and political entities engage in this process, it marks a continued effort to strengthen democratic processes in India.
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Ministry of Finance
Sale of Electoral Bonds at Authorised Branches of State Bank of India (SBI)
Electoral Bonds sale through State Bank of India’s 29 Authorised Branches w.e.f. 02.01.2024 to 11.01.2024
Posted On: 01 JAN 2024 5:17PM by PIB Delhi
The Government of India has notified the Electoral Bond Scheme 2018 vide Gazette Notification No. 20 dated 2nd January 2018 (as amended vide Gazette Notification dated 7th November, 2022). As per provisions of the Scheme, Electoral Bonds may be purchased by a person (as defined in item No. 2 (d) of Gazette Notification), 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 the Political Parties registered under Section 29A of the Representation of the People Act, 1951 (43 of 1951) and which secured not less than one per cent of the votes polled in the last General Election to the House of the People or the Legislative Assembly of the State, shall be eligible to receive the Electoral Bonds. The Electoral Bonds shall be encashed by an eligible Political Party only through a Bank account with the Authorised Bank.
The State Bank of India (SBI), in the XXX Phase of sale, has been authorised to issue and encash Electoral Bonds through its 29 Authorised Branches (as per list enclosed) w.e.f. 02.01.2024 to 11.01.2024.
The Electoral Bonds shall be valid for fifteen 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 Electoral Bond deposited by an eligible Political Party in its account shall be credited on the same day.
Electoral Bond Scheme – 2018 29 Existing Authorised Branches
|
Sl. No. |
State/UT | Name of the Branch & Address | Branch Code No. |
| 1. | Delhi | Delhi Main Branch 11, Parliament Street, New Delhi – 110001 | 00691 |
| 2. | Haryana, Punjab and Chandigarh | Chandigarh Main Branch SCO 43-48, Banking Square, Sector-17B, Chandigarh, Distt: Chandigarh State: Chandigarh, Pin : 160017 | 00628 |
| 3. | Himachal Pradesh | Shimla Main Branch Near Kali Bari Temple, The Mall, Shimla, District : Shimla State: Himachal Pradesh, Pin : 171003 | 00718 |
| 4. | Jammu and Kashmir | Badami Bagh (Srinagar) Branch Badami Bagh Cantonment, Srinagar, Kashmir Dist : Badgam, State: Jammu & Kashmir Pin : 190001 | 02295 |
| 5. | Uttarakhand | Dehra Dun Main Branch 4, Convent Road, Dehradun Uttarakhand, District : Dehradun State: Uttarakhand Pin : 248001 | 00630 |
| 6. | Gujarat, Dadar & Nagar Haveli and Daman & Diu | Gandhinagar Branch, I Floor, Zonal Office Sector 10 B Gandhinagar Distt: Gandhinagar, State : Gujarat Pin:382010. | 01355 |
| 7. | Madhya Pradesh | Bhopal Main Branch T.T.Nagar,Bhopal-462003, Bhopal, Madhya Pradesh, District : Bhopal, State: Madhya Pradesh, Pin : 462003 | 01308 |
| 8. | Chhattisgarh | Raipur Main Branch P.B.NO.29/61, Jaistambh Chowk, Raipur, District : Raipur State : Chhatisgarh Pin: 492001 | 00461 |
| 9. | Rajasthan | Jaipur Main Branch P.B.No.72, Sanganeri Gate Jaipur, Rajasthan District: Jaipur, State: Rajasthan. Pin : 302003 | 00656 |
| 10. | Maharashtra | Mumbai Main Branch Mumbai Samachar Marg Horniman Circle, Fort, Mumbai, Maharashtra Pin: 400001 | 00300 |
| 11. | Goa, Lakshadweep | Panaji Branch Opp : Hotel Mandovi, Dayanand, Dayanand Bandodkar Marg, Panaji, Goa. District : North Goa, State : Goa, Pin: 403001 | 00509 |
| 12. | Uttar Pradesh | Lucknow Main Branch Tarawali Kothi, Motimahal Marg, Hazratganj, Lucknow, Uttar Pradesh District :Lucknow, State: Uttar Pradesh Pin : 226001 | 00125 |
| 13. | Odisha | Bhubaneswar Main Branch P.B.NO.14, Bhubaneswar Bhubaneswar District : Khurda State: Odisha, Pin : 751001 | 00041 |
| 14. | West Bengal and Andaman & Nicobar | Kolkata Main Branch Samriddhi Bhawan 1, Strand Road, Kolkata, West Bengal, District :Kolkata. State: West Bengal. 3 Pin : 700001 | 00001 |
| 15. | Bihar | Patna Main Branch West Gandhi Maidhan, Patna, Bihar. Pin: 800001 | 00152 |
| 16. | Jharkhand | Ranchi Branch Court Compound, Jharkhand, District : Ranchi, State: Jharkhand, Pin : 834001 | 00167 |
| 17. | Sikkim | Gangtok Branch M G Marg, Gangtok SIKKIM Dist: East Sikkim State : Sikkim Pin : 737101 | 00232 |
| 18. | Arunachal Pradesh | Itanagar Branch TT Marg, VIP Road Bank Tinali, Itanagar, Arunachal Pradesh District : Papumpare State : Arunachal Pradesh Pin : 791111 | 06091 |
| 19. | Nagaland | Kohima Branch Near deputy commissioner’s office Kohima Nagaland Pin: 797001 | 00214 |
| 20. | Assam | Guwahati Branch Pan Bazar, MG Road, Kamrup, Guwahati, Pin: 781001 | 00078 |
| 21. | Manipur | Imphal Branch M G Avenue, Imphal west Manipur Pin: 795001 | 00092 |
| 22. | Meghalaya | Shilong Branch MG Road, Near General PO Shillong, District: Khasi Hills (E), Meghalaya, Pin: 793001 | 00181 |
| 23. | Mizoram | Aizawl Branch Solomns cave District: Aizawl, Mizoram Pin: 796001 | 01539 |
| 24. | Tripura | Agartala Branch Hari Ganga Basak road, Agartala District: Tripura (W), Tripura Pin: 799001 | 00002 |
| 25. | Andhra Pradesh | Visakhapatnam Branch Rednam Gardens, Jail Road, Junction, Opp. Pages/Vodaphone Off, Visakhapatnam, District: Visakhapatnam State : Andhra Pradesh Pin : 530002 | 00952 |
| 26. | Telangana | Hyderabad Main Branch Bank Street, Koti, Hyderabad. District : Hyderabad State: Telangana Pin : 500095 | 00847 |
| 27. | Tamil Nadu and Puducherry | Chennai Main Branch 336/166, Thambuchetty Street, Parrys, Chennai. State: Tamil Nadu Pin : 600001 | 00800 |
| 28. | Karnataka | Bengaluru Main Branch Post Bag No.5310, St. Marks Road, Bangalore, District :Bangalore Urban, State: Karnataka, Pin : 560001 | 00813 |
| 29. | Kerala | Thiruvananthapuram Branch P.B.No.14, M.G. Road, Thiruvananthapuram, District : Thiruvananthapuram, State: Kerala, Pin: 695001 | 00941 |
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