Electoral Bond Scheme 2018

4th Phase of Sale of Electoral Bonds from 02.07.2018 to 11.07.2018

Government of India has notified the Electoral Bond Scheme 2018 vide Gazette Notification No. 20 dated 02nd January 2018. 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 the Representation of the People Act, 1951 (43 of 1951) and which secured not less than one per cent of the votes polled in the last General Election to the House of the People or the Legislative Assembly of the State, shall be eligible to receive the Electoral Bonds. The Electoral Bonds shall be encashed by an eligible Political Party only through a Bank account with the Authorized Bank.

State Bank of India (SBI), in the 4th phase of sale, has been authorised to issue and encash Electoral Bonds through its 11 Authorised Branches (as per list enclosed) w.e.f. 02.07.2018 to 11.07.2018.

 It may be noted that 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.

Electoral bonds: anonymous contributions limited to eligible purchasers and qualifying registered parties, encashable only via authorised bank accounts. The scheme permits purchase of Electoral Bonds by Indian citizens or entities (individuals singly or jointly) and restricts receipt to political parties registered under Section 29A that secured at least one percent of votes in the last relevant general election. Encashment is only through an account with an Authorized Bank. Sales occur in authorised phases through designated bank branches; each bond expires fifteen calendar days after issue and deposited bonds are credited the same day.