Under 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, an official release today said.
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 a 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 authorised bank.
State Bank of India (SBI), in the XXII Phase of sale, has been authorised to issue and encash electoral bonds through its 29 authorised branches w.e.f. 1 October to 10 October.
The electoral bonds shall be valid for 15 calendar days from the date of issue and no payment shall be made to any payee political party if the bond is deposited after the expiry of the validity period. The electoral bond deposited by an eligible political party in its account shall be credited on the same day.