New Delhi, Mar 28 (PTI) The sale of second tranche of electoral bonds will take place from April 2-10 at SBI’s 11 designated branches, the finance ministry said today.

Electoral bonds are being pitched as an alternative to cash donations made to political parties and bring transparency in political funding.

The bonds worth Rs 222 crore were issued by SBI during the first tranche which ended on March 10.

“SBI, in the second phase of sale, has been authorised to issue and encash electoral bonds through its 11 authorised branches with effect from April 2-10, 2018,” it said.

The 11 specified branches are at New Delhi, Mumbai, Kolkata, Chennai, Gandhinagar, Chandigarh, Bangalore, Bhopal, Jaipur, Lucknow and Guwahati.

In the first phase, electoral bonds were issued at SBI branches in New Delhi, Mumbai, Kolkata and Chennai.

The government had notified the Electoral Bond Scheme on January 2 this year. As per its provisions, a person who is a citizen of India or an entity incorporated/ established in India can purchase electoral bonds.

Registered political parties which have secured not less than 1 per cent of the votes polled in the last election of Lok Sabha or legislative assembly will be eligible to receive electoral bonds.

SBI is the only authorised bank to issue such bonds. A person being an individual can buy electoral bonds, either singly or jointly, with other individuals.

An electoral bond will be valid for 15 days from the date of issue. No payment would be made to any payee political party if the bond is deposited after expiry of the validity period.

The bond deposited by any eligible political party into its account would be credited on the same day.

This is published unedited from the PTI feed.