From UPSC perspective, the following things are important:
Prelims level: Electoral Bond Scheme, Representation of the People Act, 1951
Mains level: Measures taken to ensure free and fair elections in India
- Government of India has notified the Electoral Bond Scheme 2018 on January 2018.
- The 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.
- 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 Electoral Bonds shall be encashed by an eligible Political Party only through a Bank account with the Authorized Bank.
- State Bank of India (SBI), in the 3rd phase of sale, has been authorized to issue and encash Electoral Bonds through its 11 Authorised Branches