<h1>Electoral Bonds Scheme to Reform Political Party Funding: RBI Act Amendment Enables Secure, Transparent Donations via Banks.</h1> The electoral bonds scheme, announced in the 2017-18 budget, aims to reform political party funding. An amendment to the RBI Act will facilitate the issuance of electoral bonds. Donors can purchase these bonds through authorized banks using cheque or digital payments. The bonds can only be redeemed in the designated accounts of registered political parties and must be used within a specified time frame. This initiative was detailed by the Minister of State in the Ministry of Finance in a written response to a question in the Lok Sabha.