Non-tradability of electoral bonds: bonds are non-transferable, interest-free, short-lived and encashable only by qualified political parties. Electoral bonds under the Scheme are non-tradable, non-interest-bearing banking instruments issued in prescribed denominations, to be encashed within a short statutory life; banks may not lend against them. Any citizen or entity incorporated in India may purchase bonds at designated authorised bank branches using the prescribed application, with stipulated identity and declaration requirements. Only political parties registered under the Representation of the People Act that meet the scheme's electoral support threshold are eligible to encash bonds.