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Govt notifies electoral bond scheme 2018 Electoral Bond
Image Credit: Pixabay

Govt notifies electoral bond scheme 2018

India Blooms News Service | @indiablooms | 03 Dec 2022, 08:39 pm

New Delhi: The government on Saturday notified the electoral bond scheme 2018.

As per provisions of the Scheme, electoral bonds may be purchased by a person who is a citizen of India or incorporated or established in India, an official statement said.

A person being an individual can buy electoral bonds, either singly or jointly with other individuals, the statement said.

"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," it added.

"The electoral bonds shall be encashed by an eligible political party only through a bank account with the authorized bank," it said.

State Bank of India (SBI) has been authorised to issue and encash electoral bonds through its 29 authorized branches with effect from 05.12.2022 to 12.12.2022.

"The electoral bonds shall be valid for fifteen calendar 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," the statement added.