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Electoral Bond Scheme to open on Mar 1 for 10 days

By TIOL News Service

NEW DELHI, FEB 23, 2018: THE Govt has 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. A person being 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 per cent 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 authorized bank.

 State Bank of India (SBI) has been authorised to issue and encash Electoral Bonds initially at its 4 Authorised Branches in Mumbai, New Delhi, Kolkata & Chennai. 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 01st March 2018 for a period of 10 days i.e. up to 10th March 2018. 
 
Electoral Bond shall be valid for 15 days from the date of issue and no payment shall be made to any payee Political Party if the Bond is deposited after expiry of the validity period. The bond deposited by any eligible political party to its account shall be credited on the same day.


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