SBI Authorized for Sales"In the realm of financial news, Electoral Bonds are poised to make their debut once again, with the 28th tranche set to hit the market tomorrow, commencing on October 4. The esteemed State Bank of India (SBI), entrusted with this critical task in the XXVIII Phase, has been granted the authority to both issue and redeem these electoral bonds, operating through its distinguished network of 29 authorized branches, as meticulously detailed in the enclosed list. The sale window will remain open for a span of ten days, concluding on October 13, as announced by the Ministry of Finance in a statement released on Friday.
But what exactly is an electoral bond, you may wonder? In the world of political financing, an electoral bond is a unique bearer banking instrument, expressly designed for the purpose of funding eligible political parties. To qualify for such funding, a political party must meet specific criteria, including registration under Section 29A of the Representation of the People Act, 1951 (43 of 1951), and the attainment of no less than one percent of the votes cast in the previous General Election to the House of the People or the Legislative Assembly.
Now, let's delve into the eligibility criteria for potential purchasers of Electoral Bonds under this scheme. Any individual who is a citizen of India or an entity incorporated or established within the territorial boundaries of India is eligible. The term "Person" encompasses a broad spectrum:
(i) Individuals (ii) Hindu Undivided Families (iii) Companies (iv) Firms (v) Associations of Persons or Bodies of Individuals, whether incorporated or not (vi) Any Artificial Juridical Person, not falling within any of the preceding subclauses (vii) Any Agency, Office, or Branch owned or controlled by such a person
The Electoral Bonds themselves come in varying denominations, catering to a wide range of potential contributors. These denominations include Rs. 1,000, Rs. 10,000, Rs. 1,00,000, Rs. 10,00,000, and Rs. 1,00,00,000, making it convenient for individuals and entities of diverse financial capacities to participate in the funding process.
It's imperative to note that the Electoral Bonds come with a fixed validity period. Each bond will remain valid for a period of 15 calendar days from the date of issuance. It is crucial to adhere to this timeframe, as no payments will be disbursed to the intended political party if the bond is deposited after the expiration of its validity.
For those interested in acquiring Electoral Bonds, it's essential to be aware that the State Bank of India (SBI) stands as the exclusive authorized bank responsible for their issuance. SBI's extensive network of authorized branches, where these bonds can be procured, includes prominent locations such as Bengaluru, Lucknow, Shimla, Dehradun, Kolkata, Guwahati, Chennai, Patna, New Delhi, Chandigarh, Srinagar, Gandhinagar, Bhopal, Raipur, and Mumbai. When engaging in this financial endeavor, it is advisable to approach one of these designated SBI branches to participate in this crucial aspect of democratic funding.
September 2023 Sees 10% Surge in GST Collection: State-wise Records
German 10Year Bond Yield Achieves Highest Level in 12 Years as Traders Await Inflation Data