The issue of the 27th tranche of electoral bonds, which will go on sale starting today, July 3, has been authorised by the government. On June 30, the permission was issued. 29 licenced branches spread throughout the nation may now issue and cash in electoral bonds through State Bank of India.

The sale will start on July 3 and run until July 12, the finance minister announced.

The sale will begin through SBI's licenced branches in Bengaluru, Lucknow, Shimla, Dehradun, Kolkata, Guwahati, Chennai, Patna, New Delhi, Chandigarh, Srinagar, Gandhinagar, Bhopal, Raipur, and Mumbai, the only bank permitted to issue electoral bonds.

The sale will be held at the SBI main branch in Parliament Street in Delhi, and at the main branch at Samachar Marg, Horniman Circle in Mumbai. The sale will be conducted by the major branches in Bengaluru's St. Marks Road and Kolkata's Strand Road.

Similar to promissory notes, electoral bonds can be purchased from a bank, in this case the SBI, and contributed to any qualifying political party of one's choice. The programme was announced by the government in 2018.

Election bonds are issued from designated branches in multiples of 1,000, 10,000, 100,000, and 1,000,000 rupees.Only those buyers who comply with all KYC requirements and who pay with money from a bank account are permitted to purchase electoral bonds. The payee's name wouldn't be mentioned.

These bonds have a 15-day lifespan and are only offered for purchase during the central government-specified 10-day windows in January, April, July, and October.

According to the Ministry of Finance, the government approved the issuing of the Electoral Bonds Scheme in order to "cleanse the system of political funding in the country.

The permission on July 30 came before the assembly elections in Mizoram, Telangana, Madhya Pradesh, Rajasthan, and Madhya Pradesh, where election dates are anticipated to be issued in a few months.

Indian citizens or companies formed or founded in the country may acquire electoral bonds. Election bonds may be purchased individually or as a group with other people.

A registered political party may apply for funding through electoral bonds if it received at least 1% of the votes cast in the most recent Lok Sabha or legislative assembly election.

A qualified political party may only pay out electoral bonds using a bank account with an authorised bank.

Electoral bonds that are placed after the validity period has passed will not be paid to any payee political parties. The same day, a qualifying political party's account will be credited with any electoral bonds that were put there.

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