The State bank of India has sold the bonds of Rs. 3622 crore in the month of March and April this year. Most of them were sold in Mumbai, New Delhi, Kolkata and Hyderabad.
As per the report, 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 bonds.
The person who buys the bonds should be the citizen of India or established in India.
The report further says that the bonds remain valid for 15 days and can only be redeemed by an eligible political party that has an account in authorized bank.