New Delhi: The Government of India has notified the Electoral Bond Scheme, 2018 by Gazette Notification No. 20 dated January 2, 2018. As per the provisions of the scheme, electoral bonds can be purchased by any person (as defined in item no. 2 (d) of the Gazette notification), who is a citizen of India or incorporated or established in India. A person can buy electoral bonds either individually or jointly with other individuals.
The political parties registered under Section 29 (a) of the Representation of the People Act, 1951 (43 of 1951), has got at least one percent of the vote in the last general election of Lok Sabha or in the election to the state assembly, are electoral Will be eligible to receive the bond. The encashment of the bond will take place only through a bank account in a bank authorized by the eligible political party.
State Bank of India (SBI) has been authorized to issue and redeem its 29 authorized branches (as per the enclosed list) of electoral bonds from 01.01.2021 to 10.01.2021, the 15th phase of the sale.
Electoral Bonds shall be valid for fifteen calendar days from the date of their issue and if the bond is deposited after the expiry of the valid period, no payment will be made to any paying political party. Bonds credited to an account by an eligible political party will be credited on the same day.