NEW DELHI: The government on Tuesday approved the issuance of the sixteenth tranche of electoral bonds which will be open for sale from April 1 to April 10.

It is to bring accountability to political financing, that the Narendra Modi-led NDA government launched the Electoral Bond System in 2018 as an alternative to cash donations to political parties.

Electoral bonds have been pitched as an alternative to cash donations made to political parties as part of efforts to bring transparency in political funding. However, Opposition parties have been raising concerns about alleged opaqueness in funding through such bonds.

Electoral Bonds in the denominations of Rs.1000, Rs 10,000, Rs 1,00,000, Rs 10,00,000, and Rs 1,00,00,000 will be issued. The first batch of electoral bonds was sold from March 1 to 10, 2018. From January 1 to January 10, 2021, the 15th tranche of bonds was sold.

The Election Commission of India (ECI) has accorded 'no objection' from the Model Code of Conduct (MCC) angle on March 17 with certain conditions, including that no political functionary would make any reference in this regard during any public speech or communication to the press or public in the constituencies going for polls, the finance ministry said in a statement.
"The State Bank of India (SBI), in the XVI Phase of sale, has been authorised to issue and encash electoral bonds through its 29 authorised branches w.e.f. 01.04.2021 to 10.04.2021," it said.

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