Electoral Bond Scheme 2018 (Important) (Download PDF)

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Govt. notified Electoral Bond Scheme 2018 via Gazette Notification. Electoral Bonds may be purchased by person, who is citizen of India or incorporated or established in India. Person being individual can buy Electoral Bonds, either singly or jointly w/other individuals.

Image of Electoral Bond Scheme 2018

Image of Electoral Bond Scheme 2018

Image of Electoral Bond Scheme 2018

  • Only Political Parties registered under Section 29A of Representation of People Act, 1951 & which secured not less than 1 % of votes polled in last General Election or Legislative Assembly of State, shall be eligible to receive Electoral Bonds.

  • Electoral Bonds shall be encashed by eligible Political Party only thru Bank account w/Authorized Bank.

  • State Bank of India (SBI), in 4th phase of sale, is authorised to issue & encash Electoral Bonds thru its 11 Authorised Branches.

  • Electoral Bonds shall be valid for 15 days from date of issue & no payment shall be made to any payee Political Party if Electoral Bond is deposited after expiry of validity period.

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

What is Electoral Bond?

  • Electoral Bond is financial instrument for making donations to political parties. These are issued by Scheduled Commercial banks upon authorization from Central Govt. to intending donors, only against cheque & digital payments.
Image of benefits of electoral bonds

Image of Benefits of Electoral Bonds

Image of benefits of electoral bonds

  • “Electoral bond” means bond issued in nature of promissory note which shall be bearer banking instrument & shall not carry name of buyer or payee.

Bank for scheme

  • “Authorized bank” means SBI authorized to issue & encash bonds in branches specified in Annexure I to this notification

  • “Issuing branch” means designated branch of authorized bank specified in Annexure I for issuing electoral bonds

Meaning of person

“Person” includes-

  • Individual

  • Hindu undivided family

  • Company

  • Firm

  • Association of persons or body of individuals, whether incorporated or not

  • Every artificial juridical person, not falling within any of preceding sub-clauses

  • Any agency, office or branch owned or controlled by such person

- Published/Last Modified on: September 10, 2018

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