Electoral Bond Scheme: The Electoral Bond Scheme is being reintroduced by the Indian government. The Finance Ministry has informed us that under the Electoral Bearer Bond Scheme in September 2022, these bonds can be purchased from October 1, 2022, to October 10, 2022. Let us tell you that donations are given to political parties through electoral bonds.
Bonds will be available in SBI
According to the Finance Ministry, these electoral bonds can be bought from 29 branches of the country’s largest public sector bank State Bank of India. These electoral bonds are sold through SBI branches from the 1st to the 10th of the first four quarters of January, April, July, and October every year. Any individual or firm can buy bonds in the denominations of Rs 1,000, Rs 10,000, Rs 1 lakh, Rs 10 lakh, and Rs 1 crore. That is, donations can be made to any political party through bonds ranging from one thousand rupees to one crore rupees.
A political bond is only good for 15 days after it is issued. And if the deposit is made after the expiry of the validity date of the electoral bond, no payment will be made to the political party. Whichever political party will deposit the electoral bond in their account, the amount will be deposited in their account on the same day.
Who can buy Electoral Bonds
Any Indian citizen, organization, or company may purchase electoral bonds, according to the government’s gazette notification announcing the Electoral Bond Scheme 2018. to make electoral donations to political parties. Any individual, either alone or in association with others, can buy electoral bonds and donate them to political parties.
According to the gazette
Notification, only those political parties which are registered under section 29A of the Representation of the People Act, 1951, and have secured their share of total votes in the last Lok Sabha election and legislative elections, are entitled to obtain electoral bonds. received more than 1% of the vote. Only political parties can encash these electoral bonds.
Why Electoral Bond was
With the aim of preventing black money in politics and bringing transparency to the liability of political donations, the system of donations to political parties through electoral bonds was introduced. In the budget for the fiscal year 2017–18, the federal government has announced the introduction of electoral bonds.
Tax exemption will
Tax exemption is also available on investment in Electoral Bonds Tax exemption is available under section 80GGC/80GGB of Income Tax. In addition, political parties are exempted from donations received in the form of bonds under Section 13A of the Income Tax Act.
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