DIFINITION -Electoral bond is a financial instrument for making donations to political parties. The bonds are issued in multiples of Rs. 1000, Rs. 10000 etc.
- A person being an individual can buy Electoral bonds, either singly or jointly with other individuals.
LAUNCHED IN - 2018
AUTHORISED BANK TO ISSUED ELECTORAL BOND - STATE BANK OF INDIA.
VALIDITY- Electoral bond shall be valid for fifteen days from the date of issue and no payment shall be made to any payee political parties if the electoral bond is deposited after expiry of the validity period.
CONDITIONS -
- Only the political parties registered under section 29A of the representation of the people act,1951.
- The parties 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 Authorised bank.
- Neither the donor nor the political party is obligated to reveal whom the donation comes from.
