Electoral Bonds to open for sale tomorrow: Check eligibility, validity, face value, and other details here
electoral bond is a bearer banking instrument to be used for funding eligible political parties. An eligible political party is the one registered under Section 29A of the Representation of the People Act, 1951 (43 of 1951) and secured not less than one per cent of the votes polled in the last General Election to the House of the People or the Legislative Assembly.
The Electoral Bonds under this Scheme may be purchased by a Person, who is a citizen of India or incorporated or established in India. The definition of “Person" includes- (i) an Individual; (ii) a Hindu Undivided Family; (iii) a Company; (iv) a Firm; (v) an Association of Persons or a Body of Individuals, whether incorporated or not; (vi) every Artificial Juridical Person, not falling within any of the preceding subclauses; and (vii) any Agency, Office, or Branch owned or controlled by such person The Electoral Bonds shall be issued in the denomination of Rs1000, ₹10,000, ₹1,00,000, ₹10,00,000 and ₹1,00,00,000 The finance ministry further said the electoral bonds will be valid for 15 calendar days from the date of issue and no payment will be made to any payee political party if the bond is deposited after the expiry of the validity period.
SBI is the only authorised bank to issue electoral bonds. The authorised SBI branches include those in Bengaluru, Lucknow, Shimla, Dehradun, Kolkata, Guwahati, Chennai, Patna, New Delhi, Chandigarh, Srinagar, Gandhinagar, Bhopal, Raipur, and Mumbai.
Senior Congress leader P Chidambaram on Saturday described electoral bonds as “legalised bribery". "The 28th tranche of the electoral bonds will open on October 4 and said, “It will be a golden harvest for the BJP.
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