<p>Mizoram, Chhattisgarh, Madhya Pradesh, Telangana, and Rajasthan are witness to polls this November.</p><p>With the Assembly elections at the door, the term 'electoral bonds' is yet again populating headlines.</p><p>Let's take a closer look at what electoral bonds are.</p>. <p><strong>What is an electoral bond?</strong></p><p>Electoral bonds are intended to function as bearer instruments, much like promissory notes or bank notes, that are interest-free and payable to the bearer upon demand.</p>.Election FAQs: How to look for your name on the electoral list. <p>This is the procedure by which an individual (Indian citizen) or a corporate body finances a political party.</p> <p><strong>When and why were electoral bonds introduced?</strong></p><p>In 2018, electoral bonds were introduced. The Narendra Modi-led NDA govt notified the scheme through Gazette Notification No. 20 dated January 2, 2018 "to cleanse the system of political funding in the country."</p><p>Electoral bonds were introduced to increase transparency in political party funding. Political donors can purchase bonds from authorised banks, and parties can only redeem them through registered accounts within a specified time period.</p><p><strong>How can one purchase an electoral bond?</strong></p><p>An electoral bond can be purchased by any citizen of India or a body incorporated in India.</p><p>Electoral bonds can be purchased at any one of the State Bank of India's designated city branches, as listed by the government. </p><p>In order to purchase them, individuals and corporate entities must meet certain requirements, such as completing the bank's KYC (Know Your Customer) process for authentication. The bonds will be issued in multiples of Rs 1,000, Rs 10,000, Rs 1 lakh, Rs 10 lakh and Rs 1 crore.</p><p>Electoral bonds have a buffer time of 15 days during which they can be "used for making donation only to the political parties registered under section 29A of the Representation of the Peoples 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 a Legislative Assembly."</p><p>A political party, only through an account with the authorised bank, is eligible to encash the electoral bonds.</p><p><strong>When can one purchase electoral bonds?</strong></p><p>The electoral bonds are available for purchase at designated State Bank of India branches in the first 10 days of every new quarter-- that is April, July, October, and January.</p>
<p>Mizoram, Chhattisgarh, Madhya Pradesh, Telangana, and Rajasthan are witness to polls this November.</p><p>With the Assembly elections at the door, the term 'electoral bonds' is yet again populating headlines.</p><p>Let's take a closer look at what electoral bonds are.</p>. <p><strong>What is an electoral bond?</strong></p><p>Electoral bonds are intended to function as bearer instruments, much like promissory notes or bank notes, that are interest-free and payable to the bearer upon demand.</p>.Election FAQs: How to look for your name on the electoral list. <p>This is the procedure by which an individual (Indian citizen) or a corporate body finances a political party.</p> <p><strong>When and why were electoral bonds introduced?</strong></p><p>In 2018, electoral bonds were introduced. The Narendra Modi-led NDA govt notified the scheme through Gazette Notification No. 20 dated January 2, 2018 "to cleanse the system of political funding in the country."</p><p>Electoral bonds were introduced to increase transparency in political party funding. Political donors can purchase bonds from authorised banks, and parties can only redeem them through registered accounts within a specified time period.</p><p><strong>How can one purchase an electoral bond?</strong></p><p>An electoral bond can be purchased by any citizen of India or a body incorporated in India.</p><p>Electoral bonds can be purchased at any one of the State Bank of India's designated city branches, as listed by the government. </p><p>In order to purchase them, individuals and corporate entities must meet certain requirements, such as completing the bank's KYC (Know Your Customer) process for authentication. The bonds will be issued in multiples of Rs 1,000, Rs 10,000, Rs 1 lakh, Rs 10 lakh and Rs 1 crore.</p><p>Electoral bonds have a buffer time of 15 days during which they can be "used for making donation only to the political parties registered under section 29A of the Representation of the Peoples 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 a Legislative Assembly."</p><p>A political party, only through an account with the authorised bank, is eligible to encash the electoral bonds.</p><p><strong>When can one purchase electoral bonds?</strong></p><p>The electoral bonds are available for purchase at designated State Bank of India branches in the first 10 days of every new quarter-- that is April, July, October, and January.</p>
