Electoral bonds enable anonymous donations to eligible political parties, encashable within a short validity subject to KYC. Electoral Bond Scheme, 2018 creates a bearer banking instrument issued by designated State Bank of India branches in specified denominations, purchasable by Indian citizens or entities subject to Know Your Customer norms. Only political parties registered under section 29A and having secured not less than one per cent of votes in the last general election may encash bonds through their authorised bank account. Bonds bear no interest, are valid for fifteen days, non-tradable and non-refundable; unencashed bonds must be deposited to the Prime Minister's Relief Fund. The face value is treated as voluntary contributions for exemption under section 13A of the Income-tax Act.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Electoral bonds enable anonymous donations to eligible political parties, encashable within a short validity subject to KYC.
Electoral Bond Scheme, 2018 creates a bearer banking instrument issued by designated State Bank of India branches in specified denominations, purchasable by Indian citizens or entities subject to Know Your Customer norms. Only political parties registered under section 29A and having secured not less than one per cent of votes in the last general election may encash bonds through their authorised bank account. Bonds bear no interest, are valid for fifteen days, non-tradable and non-refundable; unencashed bonds must be deposited to the Prime Minister's Relief Fund. The face value is treated as voluntary contributions for exemption under section 13A of the Income-tax Act.
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