Electoral Bond is a bearer Banking Instrument to be used for funding eligible Political Parties. An eligible Political Party is the one registered under Section 29A of the Representation of the People Act, 1951 (43 of 1951) and 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.
Validity/ Maturity of Electoral Bonds:-
The Electoral Bonds shall be valid for Fifteen Days from the Date of Issue ie: An Electoral Bond issued on 1St March 2018 will be valid upto 15th March 2018.
Electoral Bonds can be redeemed only by an eligible Political Party by depositing the same in their Designated Bank Account maintained with Authorised Bank.
Who is eligible to Donate through Electoral Bonds?
The Electoral Bonds under this Scheme may be purchased by a Person, who is a Citizen of India or Incorporated or Established in India.
The definition of “Person” includes :-
(ii) a Hindu Undivided Family;
(iii) a Company;
(iv) a Firm;
(v) an Association of Persons or a Body of Individuals, whether incorporated or not;
(vi) every Artificial Juridical Person, not falling within any of the preceding subclauses;
(vii) any Agency, Office or Branch owned or controlled by such person.
Denominations or Face Value of Electoral Bonds :-
The Electoral Bonds shall be issued in the denomination of Rs1000, Rs 10,000, Rs 1,00,000, Rs 10,00,000 and Rs 1,00,00,000
Electoral Bonds can be purchased either Singly or Jointly with other Individuals but not more than three Applicants per Application Form. No name(s) will be printed on the Bond.
Payment for Electoral Bond can be made through Cheque, DD, NEFT/RTGS or Direct Debit to the Applicant Account. However, Applicant and Remitter must be the same Person/Entity.