In India Electoral Bond refers to specified value bonds which are available in denomination of ₹1000, ₹10,000, Rs 1 lakh, Rs 10 lakh and Rs 1 crore. Any Individual, Institutions or Company can purchase this bond in available denomination and with the help of this bond money can be donated to the political parties in India.
How to purchase Electoral Bond?
The State Bank of India is authorized to issue and en cash Electoral Bond through its eleven authorized branches spread across country. To buy Electoral Bond any Individual, Institutions or Company will go to authorized branch of State Bank of India. Here he or she can buy Electoral Bond. For example, If a person purchases Electoral Bond of ₹10,000 then that amount (₹10,000) will be deducted from his or her account and bank will provide that person with Electoral Bond of ₹10,000. After this that person can donate the Electoral Bond to political party which he wishes to.
Which political parties are eligible to receive Electoral Bond?
Any political party in India which is registered under section 29A of Representation of the people act, 1951 and has secured at least 1 percent vote share in last Lok Sabha or state assembly elections will be eligible to get donation through Electoral Bond.
When to purchase Electoral Bond?
Electoral Bond can be purchased by any Individual, Institutions or Company in beginning of every quarter for a period of 10 days in the month of January, April, July and October. To buy Electoral Bond during Lok Sabha elections year 30 days extra time is provided for purchase of Electoral Bond.
Money donated to political parties through Electoral Bond is confidential or not?
Yes it is confidential. The name of any Individual, Institutions or Company who purchases Electoral Bond is kept confidential by bank. Only the bank will be having the information of Electoral Bond purchaser.
Which party has received maximum donation through Electoral Bond?
According to report by Association for democratic reforms the ruling party BJP has got maximum donation through Electoral Bond. Out of Rs 222 crore money received through Electoral Bond by different political parties in India, The BJP has received 210 crore which accounts 94.5% of donation. While Congress which is opposition party has received Rs 5 crore through Electoral Bond. According to research of ADR it was found that 97% of Electoral Bonds purchased by any Individual, Institutions or Company was in denomination of Rs 10 lakh and 1 crore.