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        FEMA & RBI

        Electoral Bond Scheme 2018 - Sale of Electoral Bonds at Authorized Branches of State Bank of India (SBI)(AMENDMENT)

        May 1, 2019

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        Electoral Bond Scheme 2018

        Sale of Electoral Bonds at Authorized Branches of State Bank of India (SBI)

        (AMENDMENT)

        The Government of India has notified the Electoral Bond Scheme 2018 vide Gazette Notification No. 20 dated 02nd January 2018. As per provisions of the Scheme, Electoral Bonds may be purchased by a person (as defined in item No. 2 (d) of Gazette Notification), 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 Authorized Bank.

        State Bank of India (SBI) has been authorized to issue and encash Electoral Bonds through its 29 Authorized Branches (as per list enclosed) in the month of May 2019.

        The 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. The Electoral Bond deposited by an eligible Political Party in its account shall be credited on the same day.

        This Notification is an Amendment of the earlier Notification issued on February 28, 2019 indicating schedule of issuance/redemption of Electoral Bonds during the period March to May 2019. Government of India has now decided to restrict the next Phase of Electoral Bonds sale to 06.05.2019 to 10.05.2019 (instead of 06.05.2019 to 15.05.2019 scheduled and notified earlier).

        ANNEXURE

        Electoral Bond Scheme – 2018

        29 Existing Authorized Branches

        Sl. No.

        State/UT

        Name of the Branch & Address

        Branch Code No.

        1.  

        Delhi

        Delhi Main Branch

        11, Parliament Street,

        New Delhi – 110001

        00691

        1.  

        Haryana, Punjab and Chandigarh

        Chandigarh Main Branch

        SCO 43-48, Banking Square, Sector-17B, Chandigarh, Distt: Chandigarh

        State: Chandigarh, Pin : 160017

        00628

        1.  

        Himachal Pradesh

        Shimla Main Branch

        Near Kali Bari Temple, The Mall, Shimla, District : Shimla

        State: Himachal Pradesh,

        Pin : 171003

        00718

        1.  

        Jammu and Kashmir

        Badami Bagh (Srinagar) Branch

        Badami Bagh

        Cantonment, Srinagar, Kashmir
        Dist : Badgam,

        State: Jammu & Kashmir
        Pin : 190001

        02295

        1.  

        Uttarakhand

        Dehra Dun Main Branch

        4, Convent Road, Dehradun Uttarakhand, District : Dehradun
        State: Uttarakhand Pin : 248001

        00630

        1.  

        Gujarat, Dadar & Nagar Haveli and Daman & Diu

        Gandhinagar Branch, I Floor, Zonal Office Sector
        10 B Gandhinagar

        Distt: Gandhinagar,

        State : Gujarat Pin:382010.

        01355

        1.  

        Madhya Pradesh

        Bhopal Main Branch T.T.Nagar,Bhopal-462003, Bhopal, Madhya Pradesh,

        District : Bhopal,

        State: Madhya Pradesh,

        Pin : 462003

        01308

        1.  

        Chhattisgarh

        Raipur Main Branch

        P.B.NO.29/61,

        Jaistambh Chowk, Raipur,

        District : Raipur

        State : Chhatisgarh Pin: 492001

        00461

        1.  

        Rajasthan

        Jaipur Main Branch

        P.B.No.72, Sanganeri Gate
        Jaipur, Rajasthan District: Jaipur, State: Rajasthan.

        Pin : 302003

        00656

        1.  

        Maharashtra

         

        Mumbai Main Branch

        Mumbai Samachar Marg
        Horniman Circle, Fort, Mumbai, Maharashtra   Pin: 400001

        00300

         

        1.  

        Goa,

        Lakshadweep

         

        Panaji Branch

        Opp : Hotel Mandovi, Dayanand,

        Dayanand Bandodkar Marg,

        Panaji, Goa.
        District : North Goa,

        State : Goa, Pin: 403001

        00509

        1.  

        Uttar Pradesh

        Lucknow Main Branch

        Tarawali Kothi, Motimahal Marg, Hazratganj, Lucknow, Uttar Pradesh

        District :Lucknow,

        State: Uttar Pradesh
        Pin : 226001

        00125

        1.  

        Odisha

        Bhubaneswar Main Branch

        P.B.NO.14, Bhubaneswar
        Bhubaneswar

        District : Khurda
        State: Odisha, Pin : 751001

        00041

        1.  

        West Bengal and Andaman & Nicobar

        Kolkata Main Branch

        Samriddhi Bhawan
        1, Strand Road, Kolkata, West Bengal, District :Kolkata.

        State: West Bengal. 3

        Pin : 700001

        00001

        1.  

        Bihar

        Patna Main Branch

        West Gandhi Maidhan, Patna,

        Bihar. Pin: 800001

        00152

        1.  

        Jharkhand

        Ranchi Branch

        Court Compound,

        Jharkhand, District : Ranchi,

        State: Jharkhand, Pin : 834001

        00167

        1.  

        Sikkim

        Gangtok Branch

        M G Marg, Gangtok SIKKIM

        Dist: East Sikkim

        State : Sikkim Pin : 737101

        00232

        1.  

        Arunachal Pradesh

        Itanagar Branch

        TT Marg,VIP Road Bank Tinali, Itanagar, Arunachal Pradesh 

        District : Papumpare

        State : Arunachal Pradesh

        Pin : 791111

        06091

        1.  

        Nagaland

        Kohima Branch

        Near deputy commissioner's office

        Kohima

        Nagaland Pin: 797001

        00214

        1.  

        Assam

        Guwahati Branch

        Pan Bazar, MG Road,

        Kamrup, Guwahati, Pin: 781001

        00078

        1.  

        Manipur

        Imphal Branch

        M G Avenue, Imphal west

        Manipur

        Pin: 795001

        00092

        1.  

        Meghalaya

        Shilong Branch

        MG Road, Near General PO

        Shillong, District: Khasi Hills (E),

        Meghalaya, Pin: 793001

        00181

        1.  

        Mizoram

        Aizawl Branch

        Solomns cave

        District: Aizawl, Mizoram

        Pin: 796001

        01539

        1.  

        Tripura

        Agartala Branch

        Hari Ganga Basak road,

        Agartala

        District: Tripura (W), Tripura

        Pin: 799001

        00002

        1.  

        Andhra Pradesh

        Visakhapatnam Branch

        Rednam Gardens, Jail Road, Junction, Opp. Pages/Vodaphone Off, Visakhapatnam,

        District: Visakhapatnam

        State : Andhra Pradesh

        Pin : 530002

        00952

        1.  

        Telangana

        Hyderabad Main Branch

        Bank Street, Koti, Hyderabad.
        District : Hyderabad
        State: Telangana
        Pin : 500095

        00847

        1.  

        Tamil Nadu and Puducherry

        Chennai Main Branch

        336/166, Thambuchetty Street, Parrys, Chennai.

        State: Tamil Nadu
        Pin : 600001

        00800

        1.  

        Karnataka

        Bengaluru Main Branch

        Post Bag No.5310,

        St. Marks Road, Bangalore,

        District :Bangalore Urban,

        State: Karnataka, Pin : 560001

        00813

        1.  

        Kerala

        Thiruvananthapuram Branch

        P.B.No.14, M.G.Road, Thiruvananthapuram,
        District : Thiruvananthapuram,

        State: Kerala, Pin: 695001

        00941

         

        Electoral bond sale restriction limits purchases to authorized SBI branches and requires encashment through authorized bank accounts. The amendment restricts the next phase of sale to a narrowed issuance window and authorizes State Bank of India branches to issue and encash Electoral Bonds. Purchasers must be Indian citizens or entities incorporated/established in India, with individuals able to buy singly or jointly. Only political parties meeting registration and minimum electoral vote thresholds may receive and encash bonds, which must be routed through an account with the Authorized Bank. Electoral Bonds carry a limited validity after which no payment is made, and deposits by eligible parties are credited on the same day.
                        Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                          Provisions expressly mentioned in the judgment/order text.

                              Electoral bond sale restriction limits purchases to authorized SBI branches and requires encashment through authorized bank accounts.

                              The amendment restricts the next phase of sale to a narrowed issuance window and authorizes State Bank of India branches to issue and encash Electoral Bonds. Purchasers must be Indian citizens or entities incorporated/established in India, with individuals able to buy singly or jointly. Only political parties meeting registration and minimum electoral vote thresholds may receive and encash bonds, which must be routed through an account with the Authorized Bank. Electoral Bonds carry a limited validity after which no payment is made, and deposits by eligible parties are credited on the same day.


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