4th phase of Electoral Bonds sale to be launched from July 2

The 4th phase of the sale of Electoral Bonds will be launched from July 2 to July 11, 2018. The government today issued a notification for the Electoral Bond Scheme 2018, wherein, the Bonds can be purchased by a person, who is a citizen of India or incorporated or established in India, said a Finance Ministry statement, adding "A person being an individual can buy Electoral Bonds, either singly or jointly with other individuals."
 
Further, it said, "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 Authorized Bank, the statement said.
 
In the 4th phase of sale, State Bank of India (SBI) has been authorised to issue and encash Electoral Bonds through its 11 Authorised Branches between July 2 and July 11, 2018.
 
Notably, 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 expiry of the validity period. 
 
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The Electoral Bond deposited by an eligible political party in its account shall be credited on the same day, the statement added.