On November 7, 2022, the Finance Ministry notified changes to the Scheme, including the addition of a new paragraph
Mumbai: Ahead of Himachal Pradesh and Gujarat Assembly Polls, BJP on November 7 amended the electoral bond scheme. It has granted itself the power to spell out an extra fortnight of electoral bond sales in years when States and Union Territories with a legislature have polls. Centre is usingĀ the power to open a fresh one-week window for issuing such bonds starting November 9.
In 2018, the electoral bond scheme was introduced. It was an alternative to cash donations made to political parties. In October of this year, the government notified a ten-day window for the 22nd tranche of such bonds issued and encashed solely by the State Bank of India.
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On November 7, 2022, the Finance Ministry notified changes to the Scheme, including the addition of a new paragraph that stated: “An additional period of fifteen days shall be specified by the Central Government in the year of general elections to the Legislative Assembly of States and Union Territories with Legislature.”
In a statement, the Ministry said that SBI is authorized in the XXIII Phase of sale to issue and encash Electoral Bonds through its authorized branches.
āThe 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 the expiry of the validity period. The Electoral Bond deposited by an eligible Political Party in its account shall be credited on the same day,ā the ministry said.
Only political parties that have been registered under Section 29A of the Representation of the People Act, 1951 and have received at least 1% of the votes cast in the most recent General Election to the House of the People or the Legislative Assembly of the State are eligible to receive Electoral Bonds.
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