Union Finance Minister
Arun Jaitley on Tuesday outlined
the basic contours of
the electoral bonds scheme
announced during the 2017
Budget, including their denominations,
validity, and
eligibility of the purchasers.
“Electoral bonds would
be a bearer instrument in
the nature of a promissory
note and an interest free
banking instrument,” the
Minister said in the Lok Sabha.
“A citizen of India or a
body incorporated in India
will be eligible to purchase
the bond.”
Electoral bonds can be
purchased for any value in
multiples of 1,000,
10,000, 10 lakh, and 1
crore from any of the specified
branches of the State
Bank of India. “The purchaser
will be allowed to
buy electoral bonds only on
due fulfilment of all the extant
KYC norms and by making
payment from a bank account,”
Mr. Jaitley said.
“It
will not carry the name of
the payee.”
The bonds, aimed at increasing
transparency in
political funding, will have a
life of 15 days during which
they can be used to make
donations to registered political
parties that have secured
not less than 1% of the
votes polled in the last election
to the Lok Sabha or Assembly.
The bonds shall be available
for purchase for a period
of 10 days each in the
months of January, April, July
and October, with an additional
30 days to be specified
by the Central
government in the year of a
general election.
“The bond shall be encased
by an eligible political
party only through a designated
bank account with
the authorised bank,” he
said.
0 comments:
Post a Comment