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Govt notifies Electoral Bond Scheme 2018

Government on Friday notified the Electoral Bond Scheme 2018 via Gazette Notification. 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 Representation of People Act, 1951 & which secured not less than 1% of the votes polled in last General Election or the Legislative Assembly of the State, shall be eligible to receive Electoral Bonds.

Electoral Bonds shall be encashed by an eligible Political Party only through a Bank account with the Authorized Bank.

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 expiry of the validity period.

The Electoral Bond deposited by an eligible Political Party in its account shall be credited on the same day.

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