Electoral Bonds Worth Rs 5,850 Crore Sold So Far, 70% in 3 Metros

jatin
By jatin July 12, 2019 14:59

News

Out of 11,681 electoral bonds worth a total Rs 5,850.85 crore that donors have bought since the scheme was launched, bonds worth Rs 4045.81, or nearly 70 percent of the total purchase, were bought in the three big cities — Mumbai, Delhi, and Kolkata.

More in News

  • Bonds worth Rs 1,782.36 crore, Rs 1,388.95 crore, and Rs 874.50 crore respectively were sold by Mumbai, Kolkata and Delhi branches of SBI.
    • State Bank of India, the nodal bank for the sale of electoral bonds

Electoral Bonds

  • An electoral bond is designed to be a bearer instrument like a Promissory Note — in effect, it will be similar to a banknote that is payable to the bearer on demand and free of interest. It can be purchased by any citizen of India or a body incorporated in India.
  • The bonds will be issued in multiples of ₹1,000, ₹10,000, ₹1 lakh, ₹10 lakh, and ₹1 crore and will be available at specified branches of State Bank of India.
  • They can be bought by the donor with a KYC-compliant account. Donors can donate the bonds to their party of choice which can then be cashed in via the party’s verified account within 15 days.
  • Every party that is registered under section 29A of the Representation of the Peoples Act, 1951 (43 of 1951) and has secured at least one percent of the votes polled in the most recent Lok Sabha or State election will be allotted a verified account by the Election Commission of India.
  • Electoral bond transactions can be made only via this account.
  • The bonds will be available for purchase for a period of 10 days each at the beginning of every quarter, i.e. in January, April, July, and October as specified by the Central Government.
    • An additional period of 30 days shall be specified by the Central Government in the year of Lok Sabha elections.
  • The donor and the party details are available with the bank, but the political party is not aware of who the donor is.

Source:

Also Read: No, Stay on Electoral Bonds, Supreme Court Seeks Donor Details From Parties

Electoral Issues That Election Commission Should Have Dealt With

jatin
By jatin July 12, 2019 14:59