Electoral Bonds Scheme for Political Donations (Chanda)

Electoral Bonds Scheme for Political Donations (Chanda) – The Central Government of India led by the Hon’ble Prime Minster Shri Narendra Modi has started the Electoral Bonds Scheme for Political Donations (Chanda). Under this schee, people can donate money to the political parties through the purchase of electoral bonds from SBI Bank. Apart from this, the receiver political party can only encash this amount through their designated bank accounts. The government will ensure the transparency in the Political Funding through this scheme.

Electoral Bonds Scheme for Political Donations (Chanda)
However, these bonds will remain available at the specific branches of State Bank of India (SBI) for 10 days each in the months of January, April, July and October 2018. Besides this, the validity of these bonds will be 15 days and will not carry the name of the donor. The time period of 15 days will be given so that these bonds does not become a part of the parallel currency.

Apart from this, these electoral bonds will change the previous system of donation to political parties in cash. It is the another step after demonetization for flushing out the black money from our economy.

Features & Highlights of Electoral Bonds Scheme

Below are the main features and highlights of the Electoral Bonds Scheme –

  • All the political parties having at least 1% vote share in the previous elections are eligible for these donations.
  • Apart from this, every political party must furnish the details of their bank account number to the Election Commission. This money must get encased in 15 days.
  • Under this scheme, people can donate money to the political parties through the purchase of electoral bonds from SBI Bank for any value in the multiples of Rs. 1000, Rs. 10000, Rs. 1 Lakh or Rs. 1 crore.
  • The donor’s named will not be disclosed. Although these bonds will get reflected in the balance sheet of donors.

Also, ReadList of Pradhan Mantri Yojana & Schemes 

In the last budget, Finance Minister caps the cash donation at Rs. 2000 instead of Rs. 20,000 in order to bring transparency and promote digital donations.

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