The Supreme Court which has heard arguments for and against the bonds reserved its judgement
NEW DELHI. Nov 4 (The CIONNECT) - Even as the Supreme Court is hearing a petition on the Constitutional validity of electoral bonds, the government has rolled lout the fresh series of the instrument.
The Government has authorised the State Bank of India (SBI), in the 29th phase of sale, to issue and encash Electoral Bonds through its 29 Authorised Branches from Monday.
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 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.
The Government has notified the Electoral Bond Scheme 2018 vide Gazette Notification No. 20 of January 2, 2018 (as amended vide Gazette Notification dated 7th November, 2022).
Electoral Bonds can 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 Authorised Bank.
The Supreme Court which heard arguments for and against the bonds, their transparency and the people’s right to know the identity of the bond subscribers has reserved its judgement.
The apex court has also directed the Election Commission of India to furnish the list of those who purchased the electoral bonds till September 30.