The Centre unveiled the contours of the ‘Electoral Bonds’ scheme, which seeks to ensure the flow of clean money to political parties, without revealing the donors’ names.
As per the Finance Minister Arun Jaitley, the electoral bonds will be a bearer instrument in the nature of a Promissory Note and an interest-free banking instrument. A citizen of India or a body incorporated in India will be eligible to purchase the bond from specified branches of the State Bank of India.
The bonds can be purchased for any value in multiples of Rs1,000; Rs10,000; Rs1 lakh; Rs10 lakh; and Rs1 crore. The bonds will not carry the name of the payee and will be valid only for 15 days during which it can be used to make a donation only to certain political parties.
Source- The Hindu Business Line