Days After Supreme Court Reserved Judgment, Electoral Bonds Regain Spotlight As Government Announces New Sales

In a move with political implications just days before elections in five states, the Union government has announced the commencement of the next round of electoral bond sales.

This period, spanning from 6 to 20 November, was notified by the Finance Ministry on 4 November, as reported by Indian Express.

The timing of this announcement is noteworthy, coming just two days after the Supreme Court concluded hearings on petitions challenging the Electoral Bond Scheme of 2018, with the judgment now reserved.

The Finance Ministry's statement specifies that these electoral bonds will be available for purchase at the 29 authorised branches of the State Bank of India in the 29th tranche of the scheme.

Notably, the bonds have a validity period of 15 calendar days from the date of issue, and payments to political parties will not be permitted if the bonds are deposited after the validity period expires.

Bonds deposited by eligible political parties will be credited on the same day.

While campaigning for the Mizoram and the first phase of Chhattisgarh elections will have concluded before the sale begins, as polling is scheduled for 7 November, active campaigning for the Rajasthan, Telangana, Madhya Pradesh, and the second phase of Chhattisgarh polls will still be ongoing.

Under the Electoral Bond Scheme, any registered political party that secured at least 1 per cent of the votes in the last General Election or Assembly elections is eligible to receive electoral bonds from anonymous donors.

Since the scheme's initiation in 2018, data from the State Bank of India indicates that over Rs 14,000 crore has been donated to political parties through electoral bonds.