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ELECTROL BOND

Electoral Bond 2024: What is electoral bond, when did it start?

Electoral Bond: What is electoral bond, when did it start?

ELECTROL BOND

Electron bonds can be used only for donations to political parties registered under the Representation of the People Act.


Donations can be made through electoral bonds only to those political parties which must have secured at least one percent of the votes in the last general election for the Lok Sabha or the Legislative Assembly.

What is electoral bond?

In simple language, electoral bonds are a financial means of donating to political parties. The Government of India had announced this scheme in 2017. And this electrol bond scheme was legally implemented by the government on 29 January 2018.
It is like a promissory note which any citizen or company of India can purchase from select branches of State Bank of India and donate anonymously to any political party of their choice.


How do electoral bonds work?

Using electoral bonds is quite easy. These bonds are offered in multiples of Rs 1,000 such as Rs 1,000, ₹10,000, ₹100,000 and can be in the range of ₹1 crore.
You get these in some branches of SBI. Any donor with a KYC-compliant account can purchase such bonds, and later donate them to any political party.
After this the receiver can convert it into cash. The party’s verified account is used to encash it. Electoral bonds also remain valid only for 15 days.

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