New Delhi, Nov 5 (IANS): The Centre has authorised the State Bank of India (SBI) to issue and encash electoral bonds through its 29 authorised branches between November 6 to November 20.

The electoral bonds shall be valid for 15 calendar days from the date of issue and no payment shall be made to any payee political party if the 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.

The Government of India had notified the Electoral Bond Scheme 2018 through a gazette notification on January 2, 2018.

As per provisions of the scheme, electoral bonds may 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 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.