In the 29th phase of the sale, the Indian Government has authorized the State Bank of India (SBI) to oversee the issuance and redemption of Electoral Bonds across its 29 designated branches. This authorization spans from November 6, 2023, to November 20, 2023, with the primary objective of facilitating the Electoral Bond scheme, a pivotal component in enhancing political funding transparency.
Within this scheme, Electoral Bonds hold a validity period of 15 calendar days from their issuance date. It’s of paramount importance to underline that any Electoral Bond deposited beyond this validity period will not result in payment to the intended recipient political party. This provision ensures the punctuality and effectiveness of contributions made through Electoral Bonds.
The process is meticulously designed to be both expeditious and efficient. Electoral Bonds deposited by eligible political parties into their respective accounts are promptly credited on the same day, significantly boosting transparency and accountability in financial transactions within the realm of politics.
The Government of India introduced the Electoral Bond Scheme back in 2018 via a Gazette Notification (No. 20, dated January 2, 2018). Since then, this scheme has undergone several amendments, as evidenced by the Gazette Notification dated November 7, 2022, as part of a continuous endeavor to refine and enhance the electoral financing process.
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