InvestorQ : What is an Electoral Bond?
Archita Jajjoo made post

What is an Electoral Bond?

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diksha shah answered.
1 year ago

In 2017, Union Finance Minister Arun Jaitley announced the “electoral bonds” to “cleanse the system of political funding in the country.” The scheme aims to keep an account of the donations made to all major political parties. This bond is to be launched as a bearer instrument like a Promissory Note or a Bank Note which are readily payable to the bearer on demand. The government is stating that Electoral Bonds as an alternative to cash donations.
One can only buy bonds from branches of SBI, in the multiples of ₹1,000, ₹10,000, ₹1 lakh, ₹10 lakh, and ₹1 crore. The buyer or the donor should have a KYC-compliant account. Donors can willingly donate to the party of their choice. Till November 2018, the sixth phase of the electoral bond issuance has been completed, which aggregate to Rs 1,056.73 crore
The unique part of the bond is that the bond will not carry the name of the donor. In essence, the donor and the party details will be available with the bank, but the political party might not aware of the donor.

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Purvesh answered.
1 year ago

It should be implemented as soon as possible.