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The Union Government has authorised the State Bank of India for issue and encash Electoral Bonds through its 29 Authorised Branches, upto 10th of this month.
The Ministry of Finance highlighted that the Electoral Bonds will be valid for fifteen calendar days from the date of issue and no payment will be made to any payee Political Party, if the Electoral Bond is deposited after expiry of the validity period.
The Ministry further said that the Electoral Bond deposited by an eligible Political Party in its account will be credited on the same day.