The Government of India has notified the Electoral Bond Scheme 2018 vide Gazette Notification dated 02nd January 2018.
Who can purchase the bonds?
As per provisions of the Scheme, Electoral Bonds may be purchased by a person, 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.
Who can receive the bonds?
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 Bond shall be encashed by an eligible political party only through a bank account with the authorized bank.
Who will issue the bonds?
State Bank of India (SBI) has been authorised to issue and encash Electoral Bonds initially.
What will be the validity period of bonds?
Electoral Bond shall be valid for fifteen days from the date of issue and no payment shall 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 to its account shall be credited on the same day.