Electoral Bond scheme completes 5 years

March 7, 2023

EBs were introduced in Union Budget 2017-18.
Electoral Bond is a bearer instrument in the nature of a Promissory Note and an interest free banking instrument.
Details
- Citizen of India or a body incorporated in India is eligible to purchase bond.
- EBs are issued/purchased for any value, in multiples of Rupee 1,000, 10,000, 1,00,000, 10,00,000 and 1,00,00,000 from specified branches of State Bank of India.
- Political parties receiving donations through EBs have to redeem them within 15 days otherwise EBs shall be deposited by authorised bank with Prime Minister’s National Relief Fund (PMNRF).
Eligibility of political parties: Registered under section 29A of Representation of People Act, 1951 and which secured not less than one percent of the votes polled in last general election to House of People or a Legislative Assembly.