Electoral Bond Scheme 2018 – No Payment after 15 days validity period

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Election Commission of India clarifies Credibility of Electronic Voting Machines
Election Commission of India clarifies Credibility of Electronic Voting Machines

Electoral Bond Scheme 2018
Sale of Electoral Bonds at Authorized Branches of State Bank of India (SBI) (AMENDMENT)

By PIB Delhi

The Government of India has notified the Electoral Bond Scheme 2018 vide Gazette Notification No. 20 dated 02nd January 2018. As per provisions of the Scheme, Electoral Bonds may be purchased by a person (as defined in item No. 2 (d) of Gazette Notification), 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. 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 the 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 Authorized Bank.

State Bank of India (SBI) has been authorized to issue and encash Electoral Bonds through its 29 Authorized Branches (as per list enclosed) in the month of May 2019.

The Electoral Bonds shall be valid for fifteen calendar days from the date of issue and no payment shall be made to any payee Political Party if the Electoral Bond is deposited after expiry of the validity period. The Electoral Bond deposited by an eligible Political Party in its account shall be credited on the same day.

This Notification is an Amendment of the earlier Notification issued on February 28, 2019 indicating schedule of issuance/redemption of Electoral Bonds during the period March to May 2019. Government of India has now decided to restrict the next Phase of Electoral Bonds sale to 06.05.2019 to 10.05.2019 (instead of 06.05.2019 to 15.05.2019 scheduled and notified earlier).