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NEW DELHI: The government has announced a fresh round of electoral bond sales, coinciding with the current state elections.
The 29th round comes at a time when the Supreme Court is hearing a bunch of petitions challenging the sale of bonds on the grounds that it violates the right of voters to know the sources of funding of political parties. While the court has reserved its verdict on the pleas, no restriction has been imposed on fresh sale of electoral bonds.
The bond issue announced by the finance ministry on Saturday is the second tranche in less than 40 days.The last one announced on September 29.
On Friday, the court asked the Election Commission to provide details of donors and donations to registered political parties since 2018, when the bonds were introduced. The idea behind these bonds, which are largely used by the corporate sector, is to ensure that the identity of the buyer/donor is not disclosed. In the SC, the government has argued that there was a need to balance the right to know with the right to privacy of the donors.
While the bonds are sold through the State Bank of India, solicitor general Tushar Mehta has told the apex court that they could be issued by the Reserve Bank of India.
On Saturday, the government said bonds will be sold through 29 branches of the SBI. The finance ministry announced that the bonds will be sold for a fortnight, starting November 6. “The electoral bonds shall be valid for 15 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,” it said in a statement.
The bond issue announced on Saturday is the second tranche in a space of less than 40 days, with the last one announced on September 29.
The 29th round comes at a time when the Supreme Court is hearing a bunch of petitions challenging the sale of bonds on the grounds that it violates the right of voters to know the sources of funding of political parties. While the court has reserved its verdict on the pleas, no restriction has been imposed on fresh sale of electoral bonds.
The bond issue announced by the finance ministry on Saturday is the second tranche in less than 40 days.The last one announced on September 29.
On Friday, the court asked the Election Commission to provide details of donors and donations to registered political parties since 2018, when the bonds were introduced. The idea behind these bonds, which are largely used by the corporate sector, is to ensure that the identity of the buyer/donor is not disclosed. In the SC, the government has argued that there was a need to balance the right to know with the right to privacy of the donors.
While the bonds are sold through the State Bank of India, solicitor general Tushar Mehta has told the apex court that they could be issued by the Reserve Bank of India.
On Saturday, the government said bonds will be sold through 29 branches of the SBI. The finance ministry announced that the bonds will be sold for a fortnight, starting November 6. “The electoral bonds shall be valid for 15 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,” it said in a statement.
The bond issue announced on Saturday is the second tranche in a space of less than 40 days, with the last one announced on September 29.
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