[pib] Electoral Bond Scheme 2018

Note4Students

From UPSC perspective, the following things are important:

Prelims level: Electoral Bonds, Representation of the People Act, 1951

Mains level: Reforms for ensuring transparency in political funding


News

  • 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 percent 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.

Guidelines for sale:

  • State Bank of India (SBI) has been authorized to issue and encash Electoral Bonds through its 11 Authorised Branches
  • Electoral Bonds shall be valid for fifteen days from the date of issue and no payment shall be made to any payee Political Party if the Electoral Bond is deposited after the expiry of the validity period
  • The Electoral Bond deposited by an eligible Political Party in its account shall be credited on the same day
Electoral Reforms In India
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