India

Centre notifies Electoral Bearer Bond Scheme

Centre notifies Electoral Bearer Bond Scheme

New Delhi: The Indian government on Thursday notified the Electoral Bond Scheme 2018. As per provisions of the scheme, Electoral Bonds can be purchased by a citizen of India or who is incorporated or established in India.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 Bond shall be encashed by an eligible political party only through a bank account with the authorised bank. The State Bank of India (SBI) has been authorised to issue and encash Electoral Bonds initially at its four authorised branches — Chennai Main Branch, Kolkata Main Branch, Mumbai Main Branch, and New Delhi Main Branch. The first issue of the scheme will be opened in March 2018 in place of January 2018 for the first quarter of 2018.

Accordingly, the first sale of Electoral Bonds will commence from March 1 for a period of 10 days i.e. up to March 10.

The bond shall be valid for fifteen days from the date of issue and no payment shall be made to any payee political party if it is deposited after the expiry of the validity period.

The bond deposited by any eligible political party to its account shall be credited on the same day.(ANI)